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Updated almost 6 years ago,
Reporting Rent on primary residence
Hello everyone hope all are well,
I’ve been struggling qualifying for a 2nd mortgage since my primary residence is under my name. However I do not pay the entire mortgage it’s divided evenly among 3 of us(brothers/partners). Should I start reporting the “rent” or part of the mortgage my brothers pay so I can decrease my monthly expense and boost monthly income or would this be an issue because I would end up losing those “paper gains” when I file my taxes? I know it’s a pretty specific situation but if you guys have any information it would help immensely. If further details will help understand this situation I’m more than happy to elaborate..
Thanks again!