Taxes for multiple roommates in a shared house

[Laura458]

Hi all,

My roomates and I are renting out our 4 bedroom apartment for a few days. Since it's being rented under my account, I'm afraid that I will be the only one that that will be liable for taxes. Is there a way for our income to be split four ways and thus our taxes to be split four ways? I'd like to not pay taxes for everyone's income. 

Thanks!

[Lawrene0]

@Laura458, when you divvy up the money that goes into your account, it has to get to them somehow. If you do a bank transfer, there will be an electronic trail. If you hand them cash, ask them to give you a written receipt. Then at the end of the year each of you pays income tax on your own portion of the income. The electronic or paper trail will be ample evidence in an audit, if that is what you are worried about. All the best with hosting! 

[Laura458]

Thank you!!

[Gerry-And-Rashid0]

Draw up an invoice for each one - keep a copy of the electronic bank transfer to them. It's easy