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Tax, SDIRAs & Cost Segregation

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Steve Sonneson
  • Rockford, IL
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Laws regarding renting out bedrooms of your home

Steve Sonneson
  • Rockford, IL
Posted Oct 13 2021, 05:16

I live in Rockford Illinois and I plan on purchasing a property and renting out a couple of the bedrooms with a short lease and contract. I'm having a difficult time finding the correct information online regarding the legality of room rentals in my area. I've searched the topic a number of times and looked under Rockford zoning but I haven't had much luck. I did however read somewhere that any income from renting out your rooms is taxable and must be recorded. I don't know if that's true or not with your home. Any info pointing me in the right direction would be appreciated. Thanks

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