Canadian with leaky condo wants to know when the

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To: [email protected] 
Sent: Wednesday, November 12, 2003 12:03 AM
Subject: Leaky tax deductions
Hi David,
I got your e-mail address from jurock.com and had some technical
difficulties posting this question there, so I decided to forward it to your
e-mail address. I hope you don't mind and that you will answer me.
I have an upcoming assessment against my apartment in a leaky strata.
If I rent out this apartment, would I be able to claim this assessment as an
expense, and how do I go about it? Do I have to have it rented out before
the assessment is levied or just in the same year?
Any other advice on this is welcome.
Thank you,
ZXXXXXXXX
======================
david ingram replies:
This is a fast reply - even for me.
If you already know about the asessment to come and you rent the unit out, it is NOT a tax deduction.  It is a capital expense because you know it has to be spent BEFORE you rented.
On the other hand, the owner of the one next door may have moved out two months before the leaks developed, had no knowledge or expectation of the leaks, kept the unit as an investment and he or she would be able to expense the whole repair in the year paid.
Not good news, but those are the rules.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321 
New email to [email protected]
www.centa.com www.david-ingram.com
Disclaimer:  This question has been answered without detailed information or consultation and is to be regarded only as general comment.   Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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This from "ask an income tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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You may find more answers at www.centa.com
David Ingram of the CEN-TA REALTY  Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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