Anyone Rent Property? I'm Looking Into It And Have Questions

[TrevorK]

Anyone here rent property? I'm looking into buying a side of a duplex and renting it out. What I'm mainly concerned about is the tax that I have to pay on the rent I receive, along with deductions I can make (The interest on the mortgage?). And any experiences that you could share.

Since I live in Canada, I guess that I'm only looking for Canadian viewpoints on the tax issue, but I'd still love to hear anything to help me make this decision.




Trevor

 

[TrevorK]

Anyone?




Trevor

 

[EagleKeeper]

1) Ensure that you can cover payments on duplex if there are no tenants.

2) Check out the condition of the unit. If you are not a good handyman, you will have to pay others to maintain the place.

3) Expenses (any/all) on the place should be counted against the rent for tax purposes. In the US, then you have depreciation (wear &tear) that also is counted against the rent.

4) Check out the track record of the existing tenants (if any)