I want to rent out my basement what are the tax implications?

  • Thread starter Thread starter Paul S
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Paul S

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It has a small kitchen, and bathroom. Utilities, laundry room and yard will be shared. I will continue to live in the upper portion of the home. Rent will be about 1/2 of the mortgage plus 1/2 of the utility bill. Does anyone know what the tax implications are? I would like to count all the costs before doing this.
 
are you talkin about when you file income tax returns? cause if so, juss don't claim it. if you're talking about property tax, juss divide that in half too. i personally think you're gonna be charging too much rent (half of everything for something so small???)
 
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