topic I rent out 1 room of my 4- bdr principal residence. Will this affect its principal residence status? Thanks! in Investors and rental owners https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-rent-out-1-room-of-my-4-bdr-principal-residence-will-this-affect-its-principal-residence-status/01/911681#M2765 <P>Since I can only find "rental property" in the Income section on this software, I also would like to ask where I should put the rental income &amp; exp. from principal residence by using this software? Many thanks!<BR /></P> Wed, 30 Oct 2019 15:34:58 GMT ianvmacdonald66 2019-10-30T15:34:58Z I rent out 1 room of my 4- bdr principal residence. Will this affect its principal residence status? Thanks! https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-rent-out-1-room-of-my-4-bdr-principal-residence-will-this-affect-its-principal-residence-status/01/911681#M2765 <P>Since I can only find "rental property" in the Income section on this software, I also would like to ask where I should put the rental income &amp; exp. from principal residence by using this software? Many thanks!<BR /></P> Wed, 30 Oct 2019 15:34:58 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-rent-out-1-room-of-my-4-bdr-principal-residence-will-this-affect-its-principal-residence-status/01/911681#M2765 ianvmacdonald66 2019-10-30T15:34:58Z No if you are only renting out a small portion of your pr... https://turbotax.community.intuit.ca/community/investments-rentals/discussion/no-if-you-are-only-renting-out-a-small-portion-of-your-pr/01/911682#M2766 <P>No if you are only renting out a small portion of your property and the rental is incidental to the overall use and purpose of the property it will not impact the tax free Principal Residence Designation. However you must report the income related to the rental (claiming reasonable expenses) and not claim capital cost allowance on the rental unit.</P> Wed, 30 Oct 2019 15:34:59 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/no-if-you-are-only-renting-out-a-small-portion-of-your-pr/01/911682#M2766 TurboTax-Terry 2019-10-30T15:34:59Z https://www.canada.ca/en/revenue-agency/services/tax/indi... https://turbotax.community.intuit.ca/community/investments-rentals/discussion/https-www-canada-ca-en-revenue-agency-services-tax-indi/01/911683#M2767 <A rel="nofollow" target="_blank" href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/principal-residence-other-real-estate/changes-use/changing-part-your-principal-residence-a-rental-business-property.html">https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/principal-residence-other-real-estate/changes-use/changing-part-your-principal-residence-a-rental-business-property.html</A> Wed, 30 Oct 2019 15:35:01 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/https-www-canada-ca-en-revenue-agency-services-tax-indi/01/911683#M2767 TurboTax-Terry 2019-10-30T15:35:01Z
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topic I rent out 1 room of my 4- bdr principal residence. Will this affect its principal residence status? Thanks! in Investors and rental owners
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I rent out 1 room of my 4- bdr principal residence. Will this affect its principal residence status? Thanks!
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No if you are only renting out a small portion of your pr...
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<P>No if you are only renting out a small portion of your property and the rental is incidental to the overall use and purpose of the property it will not impact the tax free Principal Residence Designation. However you must report the income related to the rental (claiming reasonable expenses) and not claim capital cost allowance on the rental unit.</P>
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