Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 30, 2019 7:05:48 PM

Do I report rent income in tax filing if I pay rent to others at the same time?

I would like to rent my own house out and rent my parents' house which is nicer and larger than mine. The rent I am going to pay to my parents will be even higher than the renting income I receive from my potential tenant. In this scenario, do I have to report this renting income in my filing tax, even though it is even not enough to offset the rent I pay?

0 1 555
1 Replies
Level 15
Oct 30, 2019 7:05:49 PM

Yes, you will still need to report any income - in this case the rental income received.