Hello,
So my sibling and I own two homes, one was purchased under our name and the second was gifted to us by our parents. In home1 is where my sister and I live, and home2 is where our parents live, with both homes also having renters.
My understanding is since I own 50% of the home, and 50% of it is being rented out that's what I should be reporting for each home. So under Rental property info > general info > situations > renting a unit part of home > I should be saying Area of home rented is 50%.
Also in Ownership percentage I should be saying 50% as well. Is that correct?
Thank you!
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@talktoandyli wrote:....in Ownership percentage I should be saying 50% as well. Is that correct?
Your percentage of ownership is 50%, but to whom are you renting these properties and exactly what are they renting? Also, are any services being provided to any of the renters?
Hello,
So one Home1 my sister and I are in is a 3 story building. Both of us live on one floor, the second floor is being rented to a family/tenant. They get a garage space on the bottom floor(The other garage space is ours). Also some amenities like washer dryer.
Home2 is a two story home, with my parents living on one floor and the second floor being rented out. There's also a washer & dryer. No garage space though.
So that means I'm renting out 50% for each home right?
Best Regards,
Andy
Thank you! That answers all my questions.
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