Renting a room - what should I know?

[Devils'Advocate]

My workplace hires a hundred university students during the summer months. These students usually come from all across the country so many will be in need of a place to stay. Given the costs and constraints of renting an apartment, HR has organized a program for employees with spare rooms to rent them out to the students while they work here.

Since I'm a bachelor with a large house, I figured - why not? The extra $400/month can't hurt. But someone said that there were a lot of forms that would need to be filled out, there could be insurance implications, and tax implications. I wasn't looking for headaches...

Has anyone done this before? And just how difficult is it to set up?

[driveway]

I'm guessing that since it's going through the HR department of your workplace, they should be the ones that are dealing with the vast majority of the paperwork end of things and should be the place to go for answers. If they don't have them, pester them until they do.

[tkflames]

Originally Posted by Devils'Advocate

My workplace hires a hundred university students during the summer months. These students usually come from all across the country so many will be in need of a place to stay. Given the costs and constraints of renting an apartment, HR has organized a program for employees with spare rooms to rent them out to the students while they work here.

Since I'm a bachelor with a large house, I figured - why not? The extra $400/month can't hurt. But someone said that there were a lot of forms that would need to be filled out, there could be insurance implications, and tax implications. I wasn't looking for headaches...

Has anyone done this before? And just how difficult is it to set up?

I think the majority of tax implications is just that you will need to file the money you make as income.