Rental property and rent question...

[XploringOptions]

One more question for you savvy folks today!

Over 5 of the 6 months that I will use to determine average monthly income, I was receiving rental income on my house.

House payment = 1996
Rental income = 1725

So, I was losing money each month. I was also paying out 1325 in rent where i lived at the time. For the last month, I will be back living in the house and want to keep it. It is a new construction home with almost no equity as of yet.

So, how will these numbers calculate in the means test? Because I lost money each month, do I still include 1725 as income? I have documentation for all of this...

Thanks again!

[lrprn]

Yes, you have to include the rental income from the last six months before you file in your income total.

Since you won't be renting when you file, that means you can't include the rent you are no longer paying plus the house payment as expenses on your forms. If you are close to the median, is it possible to delay filing until the rental income drops off your income total or continue to rent until after you file?