Licensed U.S. & Canada Tax Accountant
Lily Lo CPA
Rental income, which is taxable to you, is any cash or the fair market value of property or services you receive for the use of real estate or personal property.
Most taxpayers count their rental income as income when they actually or constructively receive it and deduct their expenses when they pay them.
Rental income include:
Generally, expenses of renting property can be deducted from your rental income.
Examples of rental expenses:
There are special rules relating to the real property rental that you also use as your main home or your vacation home.
US & Canada Tax - Lily Lo CPA Professional Corporation - Edmonton, Alberta