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New Member
posted Mar 27, 2023 8:26:59 PM

Rental Basement and Laneway with separate addresses in Tax Return

If I live in a house and rent out the basement and laneway (with their own addresses, i.e 3 addresses altogether for the property), is 1 or 2 the proper way to file the tax return for rental properties?
  1. File a single rental property tax form with the address set to the principal address of the house and mark it as 2 rental units, with the income+expense numbers added together for the basement+laneway+my main living area and then set the personal use portion as appropriate, based on square footage from my living portion?
  2. File 2 separate rental property tax forms for the basement and laneway, with their own respective address, with the rental income and expenses separate for both, and set the personal usage portion as 0 for both, with the rental square footage percentage of the total property already factored into the numbers?
This is in BC.

0 3 1216
3 Replies
Level 2
May 1, 2023 1:00:01 PM

When you receive bills (property tax, electricity, water, gas ect.) do they come for all 3 addresses or a single address, that is combined?

 

Use option 1 if your utilities are directed to a single address.

Use option 2 if all 3 addresses have their own utilities and property taxes separate. 

Returning Member
May 1, 2023 1:00:28 PM

Hi

 

If the properties have the same street name but different unit numbers then you can do option 1.

If the properties have difference street names (different entrance to the units), then you can do option2. 

 

For more information on rental income, please check this link https://turbotax.intuit.ca/tips/taxes-for-landlords-how-taxes-on-rental-income-work-14671

 

Thank you for choosing TurboTax.

Level 2
May 1, 2023 1:01:07 PM