Should people renting out rooms for profit be exempt from tax under homeowner deduction? (legal, Miami)

[spankys bbq]

If they don't declare the income, that's their problem when the tax man comes knocking. You shouldn't be worried about it at all.

[kyle242]

Originally Posted by Driller1

What they do is their business.......not yours.

So the thugs who sell drugs in your neighborhood.

[doc1]

Originally Posted by kyle242

So the thugs who sell drugs in your neighborhood.

You're equating a landlord not reporting income to drug dealers?

Good luck in your search and have a nice day.

[kyle242]

Originally Posted by doc1

You're equating a landlord not reporting income to drug dealers?

Good luck in your search and have a nice day.

they both use an illegal means to make a living. thats a good comparison. It doesn't matter if the latter is criminal and first civil. They both can't hurt government but they hurt society.

[freemkt]

Originally Posted by Driller1

I would rather be taxed.

That would mean write offs from the income.

I would always come out ahead.

I just wish tax compliance could be simpler, it can get complicated for homeowners who rent out rooms or have home business tax breaks.

In Michigan you still enjoy the full homestead property tax exemption when you rent to others in your home - apportionment would get complicated.

In the meantime I take solace in anticipation that one day, the tax writers in Congress will meet their MACRS.

[Driller1]

Originally Posted by kyle242

So the thugs who sell drugs in your neighborhood.

There are no thugs in my neighborhood.

Mostly deer....bear....small game.

[Haakon]

Originally Posted by kyle242

I see. What if those people don't declare income tax. They could be collecting rent in cash and never declare it

Then they can join Al Capone, that's what the IRS is for, it's not your job to make sure they report their income.

[Driller1]

Originally Posted by kyle242

they both use an illegal means to make a living. thats a good comparison. It doesn't matter if the latter is criminal and first civil. They both can't hurt government but they hurt society.

Even if you write the cost of your room off.......it will not effect them.

[Bulldogdad]

Originally Posted by kyle242

I see. What if those people don't declare income tax. They could be collecting rent in cash and never declare it

The underground economy is alive and well in all areas of our society.

If you bothers you so much drop a dime on them.

[kyle242]

Originally Posted by Bulldogdad

The underground economy is alive and well in all areas of our society.

If you bothers you so much drop a dime on them.

I know, I myself Lyft driver taking passengers from airports where they prohibit car-sharing drivers :P