# Lounge > Real Estate / Finance >  Implication of seniors renting out their home

## bigbadboss101

I will dig around to find more info on this but are there special things to note when it comes to a senior renting out their place vs what younger individuals may take into consideration? My mom is renting a condo in Vancouver and instead of selling her condo she was thinking of renting it out. She spoke to a friend who mentioned that would mean rental income, and other tax implications. Looks like she can sell her place for a reasonable price, no lower than start of 2022. Will prices keep going up? Who knows as it is Vancouver.

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## mr2mike

Standard taxes that everyone else needs to pay on that income.
Might push her into a higher tax bracket and will need to adjust her RRSP withdrawals, etc.
Most likely need to talk to a tax or estate planning accountant rather than speaking with a real estate accountant.

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## ercchry

I would also assume there is some tax implications for the individual inheriting what is no longer a primary residence

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## ExtraSlow

Inheritance and estate stuff is no fucking joke. Have a relative dealing with this right now, and the smallest things can be huge headaches. Strongly suggest all seniors reduce the number and type of investment and properties they own in a systematic way. 
And rental properties are a nightmare and a huge time-suck, so I don't know how a senior is going to deal with that effectively. Just sell the place.

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## Darell_n

> Inheritance and estate stuff is no fucking joke. Have a relative dealing with this right now, and the smallest things can be huge headaches. Strongly suggest all seniors reduce the number and type of investment and properties they own in a systematic way. 
> And rental properties are a nightmare and a huge time-suck, so I don't know how a senior is going to deal with that effectively. Just sell the place.



Give it all away early and live off credit card debt, die broke. Don’t have an executor, easy as can be.

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## ExtraSlow

Absolutely have as small of an estate as possible. Gift it away and use it for things you can experience with your loved ones before death. 
Vacations, experiences, meals, etc.

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## suntan

> And rental properties are a nightmare and a huge time-suck, so I don't know how a senior is going to deal with that effectively. Just sell the place.



Pfft, the landlord thread has shown me that I should rent out 20 houses.

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## killramos

Best asset class ever

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## ercchry

Holding co. Kids as directors… bonus points if registered in Jersey

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## killramos

> Holding co. Kids as directors bonus points if registered in Jersey



Sounds like a lot of dilutive effort for the asset class.

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## ExtraSlow

I was being serious. You guys are just jokers.

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## arcticcat522

> Holding co. Kids as directors bonus points if registered in Jersey



On a somewhat related note......at what point does it make sense for real-estate holdings to be held by a corporation rather than an individual? I know there are a ton of variables.....but in broad strokes, any basics?

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## suntan

> On a somewhat related note......at what point does it make sense for real-estate holdings to be held by a corporation rather than an individual? I know there are a ton of variables.....but in broad strokes, any basics?



Switching your primary residence at will would not be possible.

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## ercchry

> On a somewhat related note......at what point does it make sense for real-estate holdings to be held by a corporation rather than an individual? I know there are a ton of variables.....but in broad strokes, any basics?



I think the extra headaches start to offset when you start to get international with your holdings… but I guess it would also come down to the size, nature, and the rest of your tax strategies for the business… also family trust might change things. 

The jersey example was for someone who wanted to cut all ties from Canada, no assets here in their name, bought and sold primaries when he was bored in Europe

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## ExtraSlow

I strongly suggest not holding real estate aside from your primary residence at all. Have I mentioned that? If you love the asset class, buy a REIT. I personally like NWH or CHP, as I think Residential is a worse gamble, but hey, that specialization exists if you choose to select it.

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## ercchry

> I strongly suggest not holding real estate aside from your primary residence at all. Have I mentioned that? If you love the asset class, buy a REIT. I personally like NWH or CHP, as I think Residential is a worse gamble, but hey, that specialization exists if you choose to select it.



But what if it’s to house your degenerate adult daughters who can’t hold down a job or relationship??  :ROFL!: 

Mo’money, mo’problems

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## killramos

Sounds like a worthy story

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## ExtraSlow

> But what if it’s to house your degenerate adult daughters who can’t hold down a job or relationship?? 
> 
> Mo’money, mo’problems



Even very much so more in that case.

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## DonJuan

> But what if it’s to house your degenerate adult daughters who can’t hold down a job or relationship?? 
> 
> Mo’money, mo’problems



OnlyFans exists for this reason.

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## 90_Shelby

> I strongly suggest not holding real estate aside from your primary residence at all. Have I mentioned that? If you love the asset class, buy a REIT. I personally like NWH or CHP, as I think Residential is a worse gamble, but hey, that specialization exists if you choose to select it.



Investing in an REIT doesn't provide me with free garage storage, I'm out.

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