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Updated about 6 years ago,
Roommate Rent -how to claim that income?
I have posted about this issue before and got some assistance on the matter but ran into another snag. A brief synopsis
Parents and I purchased a house together in 2011 and put into an LLC which we were supposed to be equal parters, while leaving the mortgage solely in my name. I was 24 and was taken advantage of - not the smartest decision on my part. I found out two years ago they left me off the LLC and I never owned the title to the house house. I do not own a house I am financially responsible for. Not asking for advice there - just wanted to give a brief backstory to preface my next question.
I paid the mortgage, repairs, upkeep, etc out of my personal bank account for 6 years. I did have roommates for part of that time that I chose to get to live with in order to help pay for repairs/pay the mortgage down. Also paid extra towards the mortgage principle. I am trying to calculate my expenses I have put into the house during this time for the mortgage and upkeep, but things get muddy because I chose to have roommates. The question is: how is the money that was paid by them factor in? Do I just take the mortgage I paid and subtract any roommate payments I got? I got these roommates thinking I could pay the mortgage down quick and be mortgage free in 15 years but that was definitely not the case. Legally speaking, can I include their rent money towards the total of out of pocket expenses i've had for the house? For example if the mortgage was $1500/month and I paid $1000 and a roommate paid $500, how would I report that month's expenses? There has got to be some value in the inconvenience of having a roommate in this particular situation especially since I got one trying to pay down a mortgage for a house I thought I owned.