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Updated over 10 years ago on . Most recent reply
Does a roommate count towards my 2 year rental income requirement?
I have two roommates who are now living with me. I am curious if the income generated from this would require the 2 year rental income requirement that most banks require in order to count rental income in DTI ratios. As far as I understand, the income has to be reported on your tax return for at least two years.
Does this make any difference if I were to record and track the payments through a separate bank account just as I would with a regular rental?
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James Wise
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James Wise#4 All Forums Contributor
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- Real Estate Broker
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If you are reporting it as rental income on your taxes you should be able too.
If it is not reported on your taxes for at least 2 years they will not count it.