FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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Rented apartment in basement

If I rent my basement apartment for 450 dollars per month including utilities to help out during a planned bankruptcy, do I owe 50% of this or do I first deduct utility costs, portion of tax costs etc. and then submit portion of actual profit??

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One Response to “Rented apartment in basement”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

If you are referring to the amount that is reported on your Income & Expense statements, this will be your actual profit. The income should be listed under the self-employment income section, and most trustees have a Self-employed Income and Expense Statement that helps you to break down these amounts. Be sure to confirm this with your trustee.