House Hack taxes/reporting

Columbus, Ohio
House Hacking
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House Hack taxes/reporting

Kiley Harris
Real Estate Agent · Columbus, OH · Member since 2023 · 9 posts · 8 votes

Hello! I bought a house and have three roommates living with me. I am looking to buy another house in late 2025 to move to and house hack again but I feel like I have info overload!

1. Who would I talk to in order to follow these things well and how do I find them?? More specific: how do you personally keep records? I don't have any business accounts to keep separate, should I? Have you heard of Rent App and is that a good idea (instead of Venmo) and sufficient for tracking rent payments?

I got these questions from this: House Hacking & Taxes (the Implications You Need to Know) (biggerpockets.com)

2. How do I prove that I am able to qualify for another one?

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  • Charles Carillo
    Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
    2y

    @Kiley Harris

    I would get a separate bank account right away. This will help you separate your property's funds from personal funds. Start depositing all of the rent into that account while paying expenses for that property out of that account. That will solve a lot of the confusion. Next, you could use rental tracking software, but really, 3 people are paying you monthly (plus what you pay every month); software might not be required at this point.

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  • Jeremy Jareckyj
    Real Estate Agent · Salt Lake City, UT · Member since 2020 · 490 posts · 205 votes
    2y
    Quote from @Charles Carillo:

    @Kiley Harris

    I would get a separate bank account right away. This will help you separate your property's funds from personal funds. Start depositing all of the rent into that account while paying expenses for that property out of that account. That will solve a lot of the confusion. Next, you could use rental tracking software, but really, 3 people are paying you monthly (plus what you pay every month); software might not be required at this point.


     Agree with this. This would be a good first step

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  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    2y

    @Kiley Harris

    House hacking can be a lucrative business venture, but it requires careful planning and execution. You need to meet tax and legal rules and work with real estate pros, loan brokers, accountants, and lawyers. Keep separate accounts for real estate income and costs. Use business accounts for easy tax filing. Rent collection apps like Rent App can help, but Venmo may lack the needed features. For a new property, lenders check your income, credit score, and debts. Rental income from your house hack can help too. Consult with professionals for personalized advice and guidance.

    Good luck!

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