TAX QUESTIONS? YOU ASK LAH!

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Q: I am renting out a room in my house to my company as home office. Can I deduct the loan interest, maintenance fee, etc. against my rental income?

A: Yes, the loan interest and maintenance fee and other direct expenses of the rented out property can be deducted against the rental income. However, the expenses must be apportioned according to the floor space of the room being rented out against the floor space of the whole property. 

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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