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Hi Allan,
We are three joint owners (tenants in common) of a triplex in Toronto. One of us lives on one floor of the property as a principle resident. We rent out the other two units - the basement and main floor. We were wondering how to split the rental income among the three of us for tax reporting purposes. Please note, the proportion of the property rented is less than two thirds of the value/space of the property.
Thanks so much for taking the time to view my question.
Best wishes,
Lauren
Hi Lauren,
The % of the house expenses that can be deducted is equal to the size of the rented area divided by the total size of the home. Each of the three owners will report 1/3 of the rents collected and the deductible expenses.