Updated over 5 years ago on . Most recent reply
Claiming every income from the rooms I rent?
Hi guys, I just moved in my 2nd new multi-family home as owner-occupy, the question is I’m renting out my 2nd floor out for $2100 and I live on the first floor and I rent out each room for $650/month. I was doing taxes last year on my 1st multi-family where I rented out one side and my in-laws live with me and pays me rent and my so-call accountant said “if I live there, I don’t need to put them on my income.” I’m assuming because they are family or because I live there that’s it’s not really consider rental income?? So is this the same with me renting out the rooms on my new property?? Truly appreciate the feedbacks. I think I’m going to go PRO soon.