My question involves a mortgage in the state of: CA
I have the chance to buy the house I am currently renting. At the moment, I have a roommate who pays 60% of the monthly rent. I pay the remaining 40%. Each month, my roommate pays me his share, I deposit the check in my bank (so there is a record) and write a check for the entire rent to the landlord. If I buy the house, my roommate will stay on and become my tenant, paying the same amount. In most cases, people don't and shouldn't report roommates' rent payments as income when they don't own the property because it's expense sharing. However, my mortgage lender can't factor the future tenant income into his calculations, therefore decreasing the amount of the loan I qualify for. It seems that an accurate picture of my current and future cash flow should include my roommate's payments, since they are steady now and will continue indefinitely. Would it be legal for me to report my roommate's rent as miscellaneous income now so that it is documented on my tax return and the lender can use it in his calculations? I would pay taxes on it this year, but it might be worth it to qualify for the loan.
I have the chance to buy the house I am currently renting. At the moment, I have a roommate who pays 60% of the monthly rent. I pay the remaining 40%. Each month, my roommate pays me his share, I deposit the check in my bank (so there is a record) and write a check for the entire rent to the landlord. If I buy the house, my roommate will stay on and become my tenant, paying the same amount. In most cases, people don't and shouldn't report roommates' rent payments as income when they don't own the property because it's expense sharing. However, my mortgage lender can't factor the future tenant income into his calculations, therefore decreasing the amount of the loan I qualify for. It seems that an accurate picture of my current and future cash flow should include my roommate's payments, since they are steady now and will continue indefinitely. Would it be legal for me to report my roommate's rent as miscellaneous income now so that it is documented on my tax return and the lender can use it in his calculations? I would pay taxes on it this year, but it might be worth it to qualify for the loan.
Mortgages: I Want to Report Roommate's Rent As Income--Can I
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