Do I Have to Disclose That I Have a Renter to the IRS?

Answer

It would depend on a couple of factors. First I would ask do you and this person share a dwelling where the lease is in your name and they pay you a portion per month so you can afford to live beach front? If so, I would say no, so long as you are not profiting monetarily. Does the amount of the rent you collect, exceed the cost of the mortgage of a property you own? An example would be if you purchased a home, and you are renting it out for the exact amount of your mortgage, taxes and insurances. If so, then there is no income and it does not need to be claimed. If it were me, I would keep very good records in case it was ever brought into question. Now if you are renting for profit, rent exceeds cost of mortgage, taxes, insurance, then yes. You would want to. It would allow you to claim it as a business and you would be allowed to deduct the cost of repair or maintenance on the property, as well as any loss of income from that guy who moved out in the middle of the night, half way through his lease.
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