To David Ingram,
I have been reading information on the 'ask an expert' page and I found all
sorts of answers to questions I have had for a long time, so I want to say
thanks for all the good info. Hopefully you could answer one more question
for me as I did not see it on-line.
I have been living in my home in Canada for a few years but I am recently
considering getting a few roommates to move in and share my living space in
order to assist me with house expenses and bills. Do I have to claim this
as rental income or are they considered boarders who are just sharing in the
monthly living expenses? I would prefer to not claim there income and not
claim any expenses or deductions and keep my income tax simple. Any help
would be greatly appreciated. Thanx, SXXXXXX
_________________________________________________________________
david ingram replies:
One two or three roommates is considered rental income and needs a T776 form
filled in for Canada or a Schedule E filled in for the USA.
Depending upon how much you are charging and what your expenses are, you may
end up with a taxable profit or even a deductible loss.
If they were only sharing food and light and telephone, it might be
considered a room mate situation but if you own the house and are charging
more than a share of the light and heat and food, a rental schedule should
be filed.
David Ingram's US/Canada Services
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