Is Room Rental Income Taxable By Iras?

[therat 18]

then u find a place is not suck

[dean 5]

recently so many people selling their flat and rent 1-2 room.

master room with full furnished at central area can rent up to $750, common room up to $550?

[Ipman 0]

1. What about room rental in private property? For private property no registration required and no stamped contract for room rental.

2. If declare room rental, then how to claim tax deduction for expenses like additional PUB (used by tenant), tenant room furniture/repairs etc, other tax-deduction like mortgage interest, maintenance fees, broadband subscription etc?? how do you separate expenses for owner use and tenant use since many things are shared??

3. what if u let a friend stay in ur room and he/she pays/compensates you (on a goodwill/mutual understanding basis) ?? is that rental income?

4. and for argument sake, what if u rent out ur room, then the tenant later become ur boyfriend/girlfriend etc ;-) and then shares your expenses? At what point does it cease to be "rental" income?? complicated sia...

yes.

taxable.

Now , room rental need to register with HDB.

so, cannot run.

How much.. don't know

I believe it fall under other income.

U can use your present yrly income + room rental income, then est est.. how much more.

[DarkLender 0]

So much tax... I went to the Philippines and a lot of rentals there evade tax. I think that country become poor because they do not know what democracy means.

[dean 5]

if don't report room rental in iras, sure kena fine wan de

[bepgof 20]

Good questions.

1. When only stamp paid, tenancy doc get legally recorgnised, "tax deduction" would then be possible. No stamp = no report of rental income. The taxation on rental income for pty property is easily escaped. Unless u sublet whole unit and tenants make noises, neighbour can't stand & make report.

1. What about room rental in private property? For private property no registration required and no stamped contract for room rental.

2. If declare room rental, then how to claim tax deduction for expenses like additional PUB (used by tenant), tenant room furniture/repairs etc, other tax-deduction like mortgage interest, maintenance fees, broadband subscription etc?? how do you separate expenses for owner use and tenant use since many things are shared??

3. what if u let a friend stay in ur room and he/she pays/compensates you (on a goodwill/mutual understanding basis) ?? is that rental income?

4. and for argument sake, what if u rent out ur room, then the tenant later become ur boyfriend/girlfriend etc ;-) and then shares your expenses? At what point does it cease to be "rental" income?? complicated sia...

Edited April 17, 2011 by bepgof