Patrick2013
Junior Member
What is the name of your state (only U.S. law)?
Colorado
Ok so I currently own a home and am considering renting it out.
My mortgage with PMI is $1,450 and I would be renting for $1,950. But after taking to family and friends it sounds like the full $1,950 goes to my earned income and I would have to pay taxes on the full amount, correct?
To make matters even better I pay child support, because it goes to my earned income my child support would go up an extra $150 a month because I have to include the full $1,950 correct as income?
Sounds like my better option would be to sell which I would net around 60k if the above is true.
Thanks,
Patrick
Colorado
Ok so I currently own a home and am considering renting it out.
My mortgage with PMI is $1,450 and I would be renting for $1,950. But after taking to family and friends it sounds like the full $1,950 goes to my earned income and I would have to pay taxes on the full amount, correct?
To make matters even better I pay child support, because it goes to my earned income my child support would go up an extra $150 a month because I have to include the full $1,950 correct as income?
Sounds like my better option would be to sell which I would net around 60k if the above is true.
Thanks,
Patrick