Preparing taxes for future investor

[Ryan M.]

So I have not begun investing yet, but hope to as soon as possible.

I hear from a lot of investors that they buy their first property, and then have trouble securing loans for the next 2 years, because they cannot count rental income towards a mortgage. 
I have been subletting an extra room to a friend for a little over a year now. If I declare this income on my taxes, can it be counted as a year of rental income to help me get past the first 2 years?
Any tips would be appreciated.

Thanks!
-Ryan

[Steven Hamilton II]

Originally posted by @Ryan M.:

So I have not begun investing yet, but hope to as soon as possible.

I hear from a lot of investors that they buy their first property, and then have trouble securing loans for the next 2 years, because they cannot count rental income towards a mortgage. 
I have been subletting an extra room to a friend for a little over a year now. If I declare this income on my taxes, can it be counted as a year of rental income to help me get past the first 2 years?
Any tips would be appreciated.

Thanks!
-Ryan

 Ryan,

You are required by Federal Law to include that income on your tax return. And yes, it would help. now if you're just splitting the expenses at an apartment you're renting that is one thing, but to be leasing out a bedroom in your home/condo etc. It is required to be reported.