Tax Checksinvestments
I rented out space - is that actually taxable?
Cost-sharing myths cause quiet reassessments.
Is this you?
- I rented a room, basement, or condo
- Rent mostly covered my mortgage
- I didn't think there was real profit
"If rent just covers costs, it's not income."
Gross rent is income. Mortgage principal is not an expense, even if rent only covers payments.
Why guessing is risky
- Rental income is commonly reviewed 2-3 years later
- Unreported rent invalidates expense deductions
- Interest applies on reassessed tax
Safe to ignore if
- I had no rental income
- All rental income was reported
Stop and check if
- I rented part of my home
- I assumed cost-sharing meant non-taxable
Resolve the doubt
Check my rental income risk (2 minutes)We'll tell you if this needs reporting and what to do next.
"Most people learn how to report partial rentals without triggering reassessment."