rent given to me

[tashalynn5595]

My son pays me rent and I'm wondering where to add it in my taxes?

[TurboTaxSusan]

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.

However, if you are renting the property to your son for the same rate as you would charge other tenants and you reasonably expect to make a profit, then you can report it as rental income.

This FAQ has more information on rental income and how to enter it into TurboTax: https://turbotax.community.intuit.ca/community/other-income/help/how-do-i-enter-my-rental-income-and...

[natiqueford]

My boyfriend lives with me in my house and pays rent each month.   Do I need to report this rent revenue?   Also, does he need to claim this as a deduction?

[TurboTaxHeba]

If you are renting him a separate room in the house at the fair market value and expecting to make a revenue > then you can report it as rental income.

You can claim expenses to the amount of this income > you cannot claim a loss in revenue because you are sharing the house with him. If you claim it as rent, he can claim it as a provincial benefit, not a deduction.

If the money paid to you is under the fair market value, or for living cost-sharing then it doesn't fit under rental income. So you need to search in your neighborhood what is the FMV of the rent. 

Also if you have lived 12 continuos months together sharing the same room > then you are considered common-law partners> any cost-sharing expenses he gives you cannot be considered rent. 

I hope this is helpful