What does it mean to homeshare?
Here are some tips and resources to get you started:
While the list below is not exhaustive, and we cannot provide direct legal advice, we hope it serves as a useful resource! If you have additional questions, contact your local city agencies, or consult a local lawyer or tax professional.
Rent received for a spare bedroom is typically considered taxable income and must be reported to the IRS. However, income can be offset by tax deductions you may be entitled to such as mortgage interest, home repairs and/or improvements, homeowner’s insurance, utilities, housecleaning or gardening, etc. Consult a tax professional for details.
We strongly recommend that all Nesterly users have homeowners or renters insurance throughout the entire duration of their homeshare. If you already have a policy in place, please contact your insurance agent to ensure your policy covers homesharing.
Local zoning codes sometimes place restrictions on the number of unrelated persons who can live in a home together. Check your city's zoning code to ensure that you are complying with any such rules.
Many cities have taxes, permitting requirements, and other regulations around short-term lodging and vacation rentals. Nesterly is a platform for medium-term homesharing, i.e. for stays of 30 days or more, so the majority of these policies do not apply. That said, we recommend reviewing your local regulations to confirm.
You have the right to choose who you will live with in your home. However, you cannot advertise in any way which shows a preference for or against any person based on their race, color, religion, national origin, family status, disability, age, sexual orientation, marital status, or their receipt of public assistance among others. It is legal, however, to state a gender preference in your ad providing it is a shared living space and not a separate apartment.
If you receive any public benefits, income from rent may affect those benefits. Please consult with your case manager prior to entering into a homesharing arrangement.
It is important to understand and abide by other contracts or rules that bind you, such as leases, condo board or co-op rules, HOA rules, and/or rules established by tenant organizations. Read your lease agreement and check with your landlord if applicable.