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?
Most Popular Reply
James Wise
#4 All Forums Contributor
#4 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
- 19,885
- Votes |
- 28,930
- Posts
James Wise#4 All Forums Contributor
#4 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
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.