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View Full Version : Do you report rent income?

zz4guy
03-08-2007, 12:39 AM
Yeah so I rent out my basement to a guy for a certain amount of money. We both agree not to report it. Why piss away money from either person and give it to the government, that's how we both see it.

Anyway - I'm wondering if this is a bad idea? What are the chances of getting caught and could this affect other things like an insurance claim or something?
nikorock28
03-08-2007, 12:48 AM
Yeah so I rent out my basement to a guy for a certain amount of money. We both agree not to report it. Why piss away money from either person and give it to the government, that's how we both see it.

Anyway - I'm wondering if this is a bad idea? What are the chances of getting caught and could this affect other things like an insurance claim or something?

Yes, you have to report it. Yes, it is a bad idea not to report it. And, yes, I can understand why you will probably never find a job you like.
AshleyJordan
03-08-2007, 11:12 AM
do they pay you in cash?
nikorock28
03-08-2007, 12:47 PM
Sorry about the "never find a job" comment. It just seemed that you are trying to dodge your responsibities as a tenant. The right thing to do is to claim the rental income and appropriate deductions. With deductions, you can certainly lower the effect of the rental income on your taxes.
Syracuse
03-08-2007, 12:53 PM
Forget the right thing, f the IRS, I say risk it. Seems like we have to report everything under the sun, forget that.
nikorock28
03-08-2007, 01:03 PM
Seems like we have to report everything under the sun, forget that.

Yeah, pretty much. Such is life.
UMaineBlackBear
03-08-2007, 05:22 PM
Forget the right thing, f the IRS, I say risk it. Seems like we have to report everything under the sun, forget that.

Umm.. aren't you the gentlemen who just posted that your e-file was rejected? Perhaps you should consider playing by the rules a bit better. Folks would most likely do best to not follow this advice ;)
nikorock28
03-08-2007, 05:33 PM
Umm.. aren't you the gentlemen who just posted that your e-file was rejected? Perhaps you should consider playing by the rules a bit better. Folks would most likely do best to not follow this advice ;)

Actually, Syracuse is the gentleman that was considering whether or not to do his taxes at all. Just stating for record's sake.