Does renting a room affect my taxes or exemptions?

Renting out a room in a primary residence can create taxable rental income that needs to be reported on a federal tax return, even though the home itself may still qualify for the owner-occupied property tax classification. Whether the county assessor's office views the rented room as changing the primary-residence status for property tax purposes can vary, so confirming with the county assessor is worth doing rather than assuming nothing changes. A CPA can also explain what expenses can offset that new rental income for income tax purposes. Brian Beatty can point a Lowcountry homeowner to both resources before renting out a room.