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A
abachmuth
April 11, 2024
Question

I rent out a separate part of my house which I own. Is it considered a rental property?

  • April 11, 2024
  • 1 reply
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Vanessa A
April 11, 2024

Yes.  If you rent out a separate or even a room in your house it is considered rental property.

 

When the house is not a stand alone unit away from your personal unit, you will need to allocate expenses based on the house versus rental space/expense.  For example, if your house is 2,000 sq. ft. and you rent out 500 sq. ft. you would only allocate 25% of the expenses to the rental.  The other 75% would be personal expenses that are not deductible. 

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