Yes.
If you made money on the rent you will need to claim it as income.
No.
Yes rental income and expenses would be reported on the schedule E of the 1040 tax form.There are special rules relating to the rental of real property that you also use as your main home or your vacation home. For information on income from these rentals, or from renting at an amount less than the fair market value, refer to Topic 415, Renting Residential and Vacation Property (formerly Renting Vacation Property and Renting to Relatives).Go to the IRS gov web site and use the search box for TOPIC 415Click on the below Related Link
Yes
Yes,You Can!
If you made money on the rent you will need to claim it as income.
No.
Yes rental income and expenses would be reported on the schedule E of the 1040 tax form.There are special rules relating to the rental of real property that you also use as your main home or your vacation home. For information on income from these rentals, or from renting at an amount less than the fair market value, refer to Topic 415, Renting Residential and Vacation Property (formerly Renting Vacation Property and Renting to Relatives).Go to the IRS gov web site and use the search box for TOPIC 415Click on the below Related Link
You can learn about rental income from an expert in the field of finance. This may include your banker, your landlord, or a local home renting office that offers deals.
You need to claim your income as being self-employed
The pros of renting a home, is that you are not tied down to that one residence. The cons of renting a home, is that you'll never own that residence.
There are expenses of home ownership that can be deducted on an income tax return. If you have no income to be taxed, you don't need any deductions.
Yes even if you do it for cash.
No.
Home renting is better financially only when you are renting to own. Other than that, simple advantages could include privacy from neighbors and more space.
No whoever qualifies along with the higher income can claim that credit. There can only be 1 head of houshold per home....
It depends on the business. If the company is in the business of renting apartments, then it would be operating income. But on the contrast if the company is renting out an extra room for some extra cash than no.