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Hi, looking for help on how I declare an out-of-province property I purchased in 2015. Details:
- BC resident
- Purchased 3-unit rental property in Ontario in early 2015
- Half-ownership with a sibling
- Same sibling occupies one unit in property, pays "rent" towards mortgage / expenses
- Parents occupy second unit. Pay no rent.
- 3rd unit generating rental income.
- I also contribute $X towards mortage / expenses. Could be considered covering parents' rent, or could be simply paying a mortgage?
Wondering how best to declare these factors, and which expenses I can deduct? I'm fairly adept with my taxes -- but the income property realm is very new to me. Thanks.
- BC resident
- Purchased 3-unit rental property in Ontario in early 2015
- Half-ownership with a sibling
- Same sibling occupies one unit in property, pays "rent" towards mortgage / expenses
- Parents occupy second unit. Pay no rent.
- 3rd unit generating rental income.
- I also contribute $X towards mortage / expenses. Could be considered covering parents' rent, or could be simply paying a mortgage?
Wondering how best to declare these factors, and which expenses I can deduct? I'm fairly adept with my taxes -- but the income property realm is very new to me. Thanks.
