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by Anonymous on January 8th, 2007

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I am a widow with a small child, we both collect social security from my late husband. If I buy a second house and rent it out is the rental income applied toward my annual income or the net amount mortgage minus rental income?

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  • by mysticdeliria on January 15th, 2007

    mysticdeliria

    I'm not sure where you live, but the way it works up here in Canada is that the GROSS rental income is added on to your gross income, but you can write off the mortgage, bills and items bought for the rental property as business expenses. You have to be careful that the gross income before expenses doesn't go over the amount you should make to still receive Social security (I'm assuming your question has something to do with that.)

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I collect widow benefits and don t work would renting my house be considered income against my social security

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