Understanding the Tax Implications of Sharing Your Home (Oct 24 Tax Update)

Relevant For:

Homeowners sharing part or all of their home, including those with rental agreements or boarders.

Key Points:

• Income from renting out your home must be declared.
• Rental expenses are deductible, but only when the home is rented out or available for rent.
• Only the portion of expenses relating to the rented part of your home is deductible.
• Payments from friends or family for board are usually not taxable.

Full Article:

Sharing your home, whether by renting out a room, offering short-term stays through platforms like Airbnb, or hosting a friend who occasionally pays for a bed, can have tax consequences.

Whether you rent