Renting out a room in our house short term
My family and I are considering renting out a private room/bathroom at our house. For those of you who do something similar, what percentage of the time are you booked and where do you post your listing at? I'm not sure what percent of rental income is taxable, but I'm wondering if it's easy or hard to make some profit on this. Any insight would be much appreciated.
Aug 2, 2017
Parent Replies
Not sure where you live and I was also considering doing the same. Ideas I'm considering: traveling RN's (there're websites for that), nursing students, grad students. There are also visiting Cal professors but I haven't checked into how to specifically advertise for them. I was also advised to consider Airbnb. Apparently the Bay Area is a very popular destination. Good luck.
Air bnb works great if you find the right price point and are willing to do the work of answering queries and cleaning and prepping the room. I got tired of that since I have a full time job already. Now I rent out to people for a few months at a time. You do have to report it on your taxes but can deduct quite a bit of stuff too. Consult your tax preparer on that.