Expenses On Rental Income

Expert, localized Los Angeles answers provided by Heather Roy

Expenses On Rental Income
	Hello Ms. Lank: I've rented out part of my house to a family member for the past three years and reported it as rental income on tax returns.I've made several repairs to make it more convenient and livable.The front steps were dangerous and I had those replaced as well to avoid injuries and insurance issues.Please advise if I am missing something.Are there are any tax deductions when renting out a room in your home?

	There certainly are.You're entitled to deduct several items as expenses against rental income -- portions of things like insurance, original cost for the house, some repairs, utilities.Get professional help right now, to see if it’s worth filing an amended tax return for a possible refund.You can do that for three years back if appropriate.
	Edith Originally published on May 6, 2006

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