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Taxation related to rental of parking space associated to primary residence

Bob24 · 2018-03-26 19:31:37

Am I correct that in case of renting a parking space associated to to a primary residence both income tax and USC are due and if you are already in the 40% tax bracket it means mor than 50% if the rental income will be due in tax? If correct are there any tax credits/exemptions available related to this I might not have…

26-03-2018 7:31pm

#1

Bob24

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Am I correct that in case of renting a parking space associated to to a primary residence both income tax and USC are due and if you are already in the 40% tax bracket it means mor than 50% if the rental income will be due in tax?

If correct are there any tax credits/exemptions available related to this I might not have thought of? (the apartment the parking space comes with being mortgaged)

And lastly of the property is co-owned by to people how does it work? Each one has to file a tax return for half then amount at the end of the year?

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