02-28-2017, 06:48 AM
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#10
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Crash and Bang Winger
Join Date: Jul 2010
Location: Calgary Alberta
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Quote:
Originally Posted by OMG!WTF!
I was getting the impression from the original post that you are renting out part of the house you live in. If that is the case there are some different rules. Mainly not all of your mortgage interest is deductible. Your other bills are also only partly deductible based on the percentage of your house dedicated to rental space.
I'm not sure but I think it also changed the way you deal with the sale of your house. Not all would be principal residence. That could be bad for you.
I'm just guessing but I'd say you'd be one in a thousand if you claimed rental income from relatives living in your house. But you for sure should do it.
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It's the whole house.
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