I sublet a room in my two bedroom apartment at cost (50% of rent, hydro and internet). Do I need to claim this as income
I rent a two bedroom apartment, the lease is in my name. So are the hydro and internet bills. When I sublet out the second room I charge 50% of the base rent and included 50% of internet bill and estimated hydro bill to make it all included. Do I need to claim any portion of this on my income tax?
I sublet a room in my two bedroom apartment at cost (50% of rent, hydro and internet). Do I need to claim this as income
No, if you are not expecting to make a profit, and
you are only charging what is needed to cover expenses, then this is a cost-sharing
arrangement. You don’t have to report this income, but you also can’t claim any
expenses from this arrangement either.
I sublet a room in my two bedroom apartment at cost (50% of rent, hydro and internet). Do I need to claim this as income
No, if you are not expecting to make a profit, and
you are only charging what is needed to cover expenses, then this is a cost-sharing
arrangement. You don’t have to report this income, but you also can’t claim any
expenses from this arrangement either.
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