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Updated about 2 years ago on . Most recent reply

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40
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19
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Sejin Kim
19
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40
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What will be smart move in tax wise?

Sejin Kim
Posted

Hi BP family! 

If anyone can give me good idea I will really appreciate that! I want to know what will be smart move. 

one income family, married with 2 kids, just bought a house at 790K, monthly mortgage is 5300 including house insurance, property tax. We are thinking either renting whole house I think we can charge between $3000 to$3500 per month. Or we can rent extra  rooms ( 5 bed/3 bathroom currently one roommate pays $800) at $600 to 700, so total rental fee will be $1400 ~$1500 from renting two rooms. So if we rent whole house then we will pay less mortgage, however I am sure that we need to pay tax from income from money. If we rent two rooms then we will pay more mortgage, however our income is less so after tax, our net income might be  better?? I am not sure. Any tax expert here? Thank you so much! 

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