Business Perspective - House or Rooms to rent

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dewaana_desi
Member since: Sep 03

Posts: 11
Location:
Post ID: #PID

Posted on: 11-04-04 15:59:48

- What are the legal aspect(s) if one decides to rent a house or individual rooms in a house-assuming one owns a house(mortgage)? Do we need to get license or govt. permission or get certified in some areas before we can rent the house/rooms-in-a-house?

- How much tax one would pay on the rental earnings ( is it 15% flat)?

windsorguy282003
Member since: Feb 04

Posts: 46
Location: windsor
Post ID: #PID

Posted on: 11-04-04 19:08:21

YOU DO NOT NEED ANY SPECIAL PERMISSION. THE MAIN THING IS THAT YOU HAVE TO PAY TAX ON RENTAL INCOME. THE PROPERTY TAX DOES NOT CHANGE IF U R RENTING R LIVING ON YOUR OWN IN THE HOUSE. IF U R DOING OSME CONSTRUCTION TO MAKE CHANGES FOR ROOMS, GET PERMISSION FROM THE CITY FOR ALTERATION..

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Windsorguy

Life: Love it or Change it!!

dewaana_desi
Member since: Sep 03

Posts: 11
Location:
Post ID: #PID

Posted on: 14-04-04 23:52:52

This would imply that one could rent "out" a house or a room-in-a-house without floating a business ( Sole Proprietorship ) - Is this correct ? In such case the rental income/earnings would become part of his total income for that year. How would the tax calculated on rental income ?

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