Originally posted by pheoxs
Income from renters is definitely taxable. Unless you are renting for significantly under market value (i.e. your brother is chipping you a few hundred for a cheap place to live) or your expenses out weigh your income.
Hmm well guess I was wrong. Although I googled quickly to try and read, its seems like more often than not for a situation of renting one room out in your house that is mortgaged you would almost always wash out anyways. Balancing the rent income vs expenses, mortage interest, etc etc as it listed.
I am definitely not a situation where you own several duplexes or apartment and renting them out all over.
That or I would just argue that I had it rented at less than market value (which I was being quite nice) as per the other statement in the tax guidelines on the site. Funny enough with the current market it is very difficult to rent out a room in a brand new house in Aspen lol, that or kijiji is not an effective place to list. Might have to try rent finder or such. Andddd now way off thread topic.