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Updated 11 months ago on . Most recent reply
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Tax Question: Living with Partner - Charging Rent - Write Off on Taxes?
I purchased a home 2 Years ago near olde town Arvada. I've done a lot of work, but it also was completely gutted previously. My partner lives with me, but I pay for 95% of utilities, etc. as well as all furnishings, remodel, etc.
She only pays the electrical bill. We are not married, but I charge her 'rent' which is a little less than 1/2 the mortgage.
Are there any tax benefits to saying she's a renter and I'm the landlord? Or just leave as-is?
At the end of the day, it adds up a lot, and she's willing to sign a lease - I just only want to do so if there;s a benefit for me.
Working on taxes now - so any advice is helpful!!
Thanks,
Katie