Question about Exercise & Fitness
I want to know various benefits of granny flats for home owner and in what sense it will benefit them. One of my friend suggested me a site http://www.fixya.com/support/t14306160-carpet_cleaning where I can get answers to my question. Any more suggestions will be appreciated.
If you want to rent a room it splits the cost of owning a home. Example 1500 Sq fooh home. If you rent 1 bedroom of three for $500 and your morgage is $1,000 you just cut your morgage in 1/2. That $500/mo. cash rent is not usually declared as income so in effect you are takiing $6,000 year in income that is not declared yet you are taking a tax right of on $12,000 in interest and taxes and insurance on your personal tax return. It may cost you $100 to cover the tenants electric/gas/cable/internet if you choose to include That for them. Choose wisely and don't take extra kids or party people. No pets.
So you get about $8,000 in taxes and interest write-off and $6,000 in undeclared income. Depending on you income bracket that give you 100% of you tax deduction for property ownership and an extra $6,000 in undeclared income less minimum expenses. Sweet. Choose the tenant WISELY. John
Posted on Nov 26, 2014
The benefits are;
Financial benefits with rent, added security and help around the yard, companionship ... if you choose. This is all providing you get the right person(s). There can be some real down sides if you get the wrong person(s) in as well.
Posted on Nov 26, 2014
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Posted on Jan 02, 2017
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