7

Title says it all. Let me know if you need more details!

Thanks!

  • 3
    where do you live, and where is the house, the world does not have a single tax law yet! – Ian Feb 6 '10 at 23:08
7

It is income, and you must report it in the US for tax reasons. Don't forget to subtract loses such as utilities, depreciation, work done on the house might be able to qualify.

I think you report it on a Schedule E. I rent out a home and taxact.com walks me through how much money I made, then my expenses. Things like mileage, repair bills, administrative fees for a management company, utilities and the mortgage all make for a big loss for me. I am certain some of those things apply to you and your income can be lowered.

2

Yes you do. You can also deduct a percentage of your home expenses such as utilities, interest, property taxes, etc...

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