I have two houses one that has always been a rental property, they other I have always lived in. I am thinking of moving in with a friend and renting out a room in her house. This would only be for about 1 year, to help us both out with debt issues. I would then rent out my home for that year. I understand that I would then have to pay tax on the rental income of the newly rented house. My bank interests, rates and insurance during this time would be tax deductions but what about the cost for me paying rent elsewhere? Is that a tax deduction??
Thanks
Thanks