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Credits and deductions
If both you and your spouse own the property, then both of you have to claim the rental income based on your share of ownership.
Yes, you can claim the full mortgage interest related to the rental portion of the property, for any part of the time during the year when you were renting the secondary suite, or actively trying to find tenants.
If you renovated the suite, then you can't claim anything that improved it's condition. You would add that to the value of your home when you sell or dispose of it.
TurboTax will show you what common expenses you can claim as you go through the rental part of your return, but yes, you can claim things like the portion of property tax and utilities related to the rental suite.
‎January 27, 2024
11:14 AM