Tuesday, September 26th, 2017
Sometimes boats and aircraft are used for private and commercial purposes. In such cases, the income from their use may be liable for tax. Boats and aircraft (valued at more than $50,000) become mixed-use assets if they are used privately sometimes, and commercially at other times – and not used at all for 62 days…
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If you receive income, you must pay tax. So if you have rental income, you have to pay tax on it, right? Maybe, maybe not – if you get rent from boarders or homestays. Boarders and homestays When you get income from boarders or homestays, your tax position depends on how many boarders you have,…
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