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I live in my parents house in BC and run a business out of it. I pay a portion of the mortgage. Can I claim that "rent" on my business tax expenses?
I am wondering mostly because I believe its a "cost sharing agreement" and am not sure if I can claim the rent if they aren't claiming it as income.
posted
February 20, 2024
6:36 AM
last updated
February 20, 2024
6:36 AM
3 Replies
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I live in my parents house in BC and run a business out of it. I pay a portion of the mortgage. Can I claim that "rent" on my business tax expenses?
Claiming the expense on your business requires availability of receipts from your parents.
Thank you for choosing TurboTax.
February 20, 2024
6:39 AM
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I live in my parents house in BC and run a business out of it. I pay a portion of the mortgage. Can I claim that "rent" on my business tax expenses?
Would them producing a receipt change it from being a cost sharing agreement in any way?
February 20, 2024
6:44 AM
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I live in my parents house in BC and run a business out of it. I pay a portion of the mortgage. Can I claim that "rent" on my business tax expenses?
As per claiming a business expense while in a cost sharing agreement, you should contact the Canada Revenue Agency to clarify this at 1-800-959-8281.
Thank you for choosing TurboTax.
February 20, 2024
7:30 AM