Tax Warrior Chronicles

Renting a room? That Income is Taxable. However...

Posted on Fri, Oct 11, 2019

Suppose you are someone who lives near a college town or resort area and have extra rooms to spare in your home. You think to yourself, why not rent out one of the rooms since you aren’t using the space and make some extra money? Well, you could. But, since you are receiving rental income now, taxing authorities also want their share.

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Tax Implications of Renting Your Second Home

Posted on Mon, Mar 09, 2015

If you own a second property, especially in attractive tourist destinations like a beach or ski resort, you may consider renting out the property to defray the costs of ownership.  There are a few tax considerations to know of before you purchase an investment property or convert an old residence. Below is a summary of the treatment of income, expenses, depreciation, and basis considerations of your second residence.

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