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pmelanson4
May 4, 2023
Question

T776 rental expenses: what do they mean by "do not include any personal expenses" ?

  • May 4, 2023
  • 1 reply
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    1 reply

    TurboTaxSusan
    TurboTaxSusan
    May 4, 2023

    If you are renting out a portion of your house, you would only include the expenses or portion of the expenses related to the rental unit. Ex: if you rent out 50% of your house, then you would only include 50% of the electricity bill.

     

    If you use your personal car to go out to collect rents on your various properties, then you would only put in the portion of your vehicle expenses that you use to collect rents.

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