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Old 10-22-2011, 03:10 PM
 
Location: Central Florida
973 posts, read 1,490,558 times
Reputation: 1098

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But aren't you suppose to declare the rent as additional income?
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Old 10-22-2011, 03:21 PM
 
Location: The Triad (NC)
28,537 posts, read 62,253,689 times
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Quote:
Originally Posted by Sagitarrius48 View Post
But aren't you suppose to declare the rent as additional income?

what rent?
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Old 10-22-2011, 06:13 PM
 
Location: University City, Philadelphia
22,592 posts, read 12,349,087 times
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I don't have a housemate, I have four of them!

I own a big three story six bedroom Victorian house near the University of Pennsylvania and Drexel University ... and having housemates enables me to pay my mortgage and some of my utilities. I couldn't afford to live here if it wasn't for them.

One of my housemates is a Drexel professor who moved in 6 1/2 years ago when he was going through a divorce. He is a man approaching 50, a graduate of Harvard, and has both Native American and Afro-Caribbean ancestry in addition to European ... and today we are the best of buddies. Two of the others are UPenn graduate students from India; they are both extremely polite and clean and one of them I'm almost 100% sure is gay. The last one just graduated from a nearby culinary school and is a sous-chef at a local posh restaurant, a bright Jewish kid from Philly who is so nice, friendly, responsible and polite ... he was just 19 when he moved in a year and half ago ... such a wonderful boy, a real mentsch!!!

As a single adult I always lived alone in my own apartment. When I moved to Philly nearly a decade ago after buying this big old white elephant, my whole life changed.

I used to live alone. After work, would come home to a dark and empty apartment.

Now I live in a house full of people.

My present situation is very agreeable to me. My housemates/tenants are almost like a family to me (well at least the Prof and the Chef).

The only problems I encountered so far were little things like when someone left dirty dishes in the sink (a no no! in my house), or someone burned a pan. My house is full of "stuff" and I would be mortified if any of my possessions went missing ... so I make it clear I take an inventory of EVERYTHING in the house. I do a thorough interview and ask for references.

I realize that my lifestyle would be unthinkable to most of you, How could a grown man nearing retirement live with strangers??? You might ask. My best reply is ... they are not strangers! My life is like the male version of The Golden Girls (and I'm Blanche the s-l-u-t!!!) Really, we all get along and we're friends. This arrangement has enabled me to keep my house and make the mortgage, taxes and utility payments on time in the bad times ... and gave me the extra income to make improvements and renovations to the 120 year old "manor" in the good times.

My life could be a sit-com. Aren't many sit-coms about different people thrown together into one household? We learn so much from eachother. The two Indians are very keen to learn about American popular culture. I was teaching one about who Nat King Cole, Lena Horn, Frank Sinatra, and Dean Martin were. In return I am learning so much about spirituality, and the Hindu pantheon, ancient South Asian civilization, and even vegetarian cooking!

Although I would have denied it vehemently 10 years ago ... I was alone and lonely (although I do have friends and relatives). Today my life is very different.
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Old 10-22-2011, 06:22 PM
 
Location: Central Florida
973 posts, read 1,490,558 times
Reputation: 1098
Quote:
Originally Posted by Clark Park View Post
I don't have a housemate, I have four of them!

I own a big three story six bedroom Victorian house near the University of Pennsylvania and Drexel University ... and having housemates enables me to pay my mortgage and some of my utilities. I couldn't afford to live here if it wasn't for them.

One of my housemates is a Drexel professor who moved in 6 1/2 years ago when he was going through a divorce. He is a man approaching 50, a graduate of Harvard, and has both Native American and Afro-Caribbean ancestry in addition to European ... and today we are the best of buddies. Two of the others are UPenn graduate students from India; they are both extremely polite and clean and one of them I'm almost 100% sure is gay. The last one just graduated from a nearby culinary school and is a sous-chef at a local posh restaurant, a bright Jewish kid from Philly who is so nice, friendly, responsible and polite ... he was just 19 when he moved in a year and half ago ... such a wonderful boy, a real mentsch!!!

As a single adult I always lived alone in my own apartment. When I moved to Philly nearly a decade ago after buying this big old white elephant, my whole life changed.

I used to live alone. After work, would come home to a dark and empty apartment.

Now I live in a house full of people.

My present situation is very agreeable to me. My housemates/tenants are almost like a family to me (well at least the Prof and the Chef).

The only problems I encountered so far were little things like when someone left dirty dishes in the sink (a no no! in my house), or someone burned a pan. My house is full of "stuff" and I would be mortified if any of my possessions went missing ... so I make it clear I take an inventory of EVERYTHING in the house. I do a thorough interview and ask for references.

I realize that my lifestyle would be unthinkable to most of you, How could a grown man nearing retirement live with strangers??? You might ask. My best reply is ... they are not strangers! My life is like the male version of The Golden Girls (and I'm Blanche the s-l-u-t!!!) Really, we all get along and we're friends. This arrangement has enabled me to keep my house and make the mortgage, taxes and utility payments on time in the bad times ... and gave me the extra income to make improvements and renovations to the 120 year old "manor" in the good times.

My life could be a sit-com. Aren't many sit-coms about different people thrown together into one household? We learn so much from eachother. The two Indians are very keen to learn about American popular culture. I was teaching one about who Nat King Cole, Lena Horn, Frank Sinatra, and Dean Martin were. In return I am learning so much about spirituality, and the Hindu pantheon, ancient South Asian civilization, and even vegetarian cooking!

Although I would have denied it vehemently 10 years ago ... I was alone and lonely (although I do have friends and relatives). Today my life is very different.

I loved reading this....and maybe this COULD be an idea for a television drama/sitcom! I would seriously think about it as I can see the "cam angle" being like the one used on Modern Family

BUT I do have to ask..do you report that rent as income?? I know I had mentioned this before, but I would like to know as it depends upon the city/state, I think and if you are renting a room or an apt. I am thinking of taking in a border in my attached mother-in-law suite. It is ALMOST an apt, but doesn't have a stove, so I have heard that I can't really call it that; but a room to rent (even though it is two) with its own entrance and bath. So just very curious but of course you do not have to answer this especially publicly!

Last edited by Sagitarrius48; 10-22-2011 at 07:34 PM.. Reason: added more
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Old 10-22-2011, 06:38 PM
 
Location: The Triad (NC)
28,537 posts, read 62,253,689 times
Reputation: 32267
Quote:
Originally Posted by Sagitarrius48 View Post
I loved reading this....
I did as well.
And Clark? Blanche is the one who owned that house too.
Quote:
BUT I do have to ask..do you report that rent as income??
I am thinking of taking in a border in my attached mother-in-law suite.
I won't speak for Clark but as I'm the one who glossed over your Q...
The issue about reporting the extra income will be about scale.

At the scale of your example, the $3-500 a month you may net per month on average over a period of years,
is not likely to ever become an issue. Especially not if some very basic measures are taken to avoid notice
like cashing checks at the borders bank if they don't give you cash.

The IRS has bigger fish to fry than to worry over you not having to worry over
paying your property tax and insurance bill.

As for Clark and what he does on that larger scale...
I'll leave it to his good sense to decide what specifics might be appropriate to divulge or discuss.

hth
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Old 10-22-2011, 07:33 PM
 
Location: Central Florida
973 posts, read 1,490,558 times
Reputation: 1098
Quote:
Originally Posted by MrRational View Post
I did as well.
And Clark? Blanche is the one who owned that house too.
I won't speak for Clark but as I'm the one who glossed over your Q...
The issue about reporting the extra income will be about scale.

At the scale of your example, the $3-500 a month you may net per month on average over a period of years,
is not likely to ever become an issue. Especially not if some very basic measures are taken to avoid notice
like cashing checks at the borders bank if they don't give you cash.

The IRS has bigger fish to fry than to worry over you not having to worry over
paying your property tax and insurance bill.

As for Clark and what he does on that larger scale...
I'll leave it to his good sense to decide what specifics might be appropriate to divulge or discuss.

hth
Thank you MR. Rational...hence your name. And as to what I bolded, I concur that he may not want to divulge anything....and that thought did cross my mind as I hit the Reply button, so I will amend my post!
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Old 10-22-2011, 09:22 PM
 
Location: University City, Philadelphia
22,592 posts, read 12,349,087 times
Reputation: 15499
Quote:
Originally Posted by Sagitarrius48 View Post

BUT I do have to ask..do you report that rent as income?? I know I had mentioned this before, but I would like to know as it depends upon the city/state ...
I would recommend one become familiar with the local/county/state laws on this.

Do not try to cheat the government; if you're getting income ... report it. Remember if you're getting rental income you can also claim deductions on the operation and the upkeep of your property as it is a "business."

On the other hand if you have a foreign exchange student or students - as I have - that are using a guest room (NOT an apartment) even if you receive a monetary "gift" you might not have to report that as "income." It all depends on local laws and ordinances.

Here in Philly if you have over a certain number of unrelated tenants living on your property there are codes concerning smoke detectors, fire extinguishers, doors and windows must be operational ... something that I am scrupulously compliant with. In fact an inspector will be coming over in the next couple of weeks.
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Old 10-22-2011, 09:28 PM
 
Location: Bay Area, CA
29,038 posts, read 45,055,577 times
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Quote:
Originally Posted by Curmudgeon View Post
Don't need any "lessons" from you, thank you. But by all means, do spread the wealth. Perhaps next I should post about artichokes! Went back and looked and lo-and-behold, the subject is - now steel yourself - roommates!
Yes, but it was specifically about having a roommate after retirement, and how the OP might go about doing so... she never asked how to avoid the NEED for a roommate, and it seems she would be doing this by choice.

As for your comments about living somewhere affordable, that's not always the best option... especially if your home (where you've lived for many years and/or grown up, and where your friends & family live) happens to be a high-COL area, as is the case with myself. I could move to Kansas if money were all that mattered in life, but sometimes it's worth the sacrifices of living where you're happiest. High rent/mortgage in a place I love, and where all of my loved ones are nearby - or low rent in a place where I'm potentially uncomfortable, bored, and completely alone? No contest, I'll take the former.
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Old 10-22-2011, 09:33 PM
 
Location: Bay Area, CA
29,038 posts, read 45,055,577 times
Reputation: 20425
Quote:
Originally Posted by Curmudgeon View Post
Sounds like your grandmother landed well and appropriately. As for being so lucky, not sure I really want to live to be 94 but obviously it's not my call.
I think it depends on your condition at that age... my grandmother was doing GREAT until recently, and didn't even need a walker until a few years ago. In her condition, I would most certainly feel lucky to be 94.

Quote:
I decidedly enjoy having my wife as my "roommate" because she's not intrusive. We both allow one another our individual space yet manage to do so together which is how we spend the bulk of our time.
That's a marriage, not a roommate... totally different situations, as they should be.

Quote:
Probably, for me, the worst aspect of having someone else in the house, other than my wife, would be the specter of having to share my kitchen with them. Not gonna happen!
I'm not much of a cook, so sharing kitchens never really bothered me - especially when I lived with a CHEF, who frequently made dinner for both of us. He was also ridiculously neat, so you couldn't even tell he'd used the kitchen! Now that's a good roommate, LOL.
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Old 10-22-2011, 09:36 PM
 
Location: Bay Area, CA
29,038 posts, read 45,055,577 times
Reputation: 20425
Quote:
Originally Posted by Curmudgeon View Post
I would certainly encourage a legal arrangement that could protect you and yours in the event that it just didn't work out well - something along the lines of a month-to-month agreement rather than a long-term arrangement.
Yes, it's always a good idea to start with short-term or month-to-month leases, as I mentioned earlier... then you have a chance to reevaluate things frequently, and nobody's locked into a longer time period of living together.

Quote:
Now throw into the mix a cute redhead and I might reconsider!
I'm a redhead (cute depends on who you ask), but not looking for a roommate right now... sorry.
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