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I share my home with my Ex-Wife along with a Friend of mine. Combined, I recieve $1,500.00 per Mo. from them. I believe this is Taxable Income and I’m wondering if I can claim this as “Other Income” on a Refinance applicationThank, you in advance for your time
Asked on May 17, 2009 under Real Estate Law, Florida
J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
yes money you receive for rent which is what it seems you are receiving can be considered other income for tax purposes and on refinance applications as well.
One thing to be careful about it make sure you are paying taxes on that income I am sure you are but it is important to make sure you declare that money to ensure no differences between your actual tax return and the refinance application.
you also should explain this situation to your financial advisor who will tell you where to include all sources of income on such an application.