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Euro7r · 12-02-2017, 10:39 AM

For a home designated as principal residence that you own, would rental income be required to be reported?

I'm not in the public accounting world, so my knowledge is limited in this respect. Based on what I read online, as long as it a small portion to the overall home, then you don't have to. E.g. My place has two floors and renting out a basement suite on one side, which makes up only 25% of total overall space. The home itself overall isn't intended to be income generating, but to live solely. Like say I collect $2000 a month cash, I'm afraid they may question when I deposit into the bank.

12-02-2017, 10:39 AM	#1
Euro7r Rs has made me the woman i am today! Join Date: Sep 2006 Location: Vancouver Posts: 4,173 Thanked 1,361 Times in 594 Posts Failed 149 Times in 56 Posts	Principal Residence Home For a home designated as principal residence that you own, would rental income be required to be reported? I'm not in the public accounting world, so my knowledge is limited in this respect. Based on what I read online, as long as it a small portion to the overall home, then you don't have to. E.g. My place has two floors and renting out a basement suite on one side, which makes up only 25% of total overall space. The home itself overall isn't intended to be income generating, but to live solely. Like say I collect $2000 a month cash, I'm afraid they may question when I deposit into the bank.