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QUESTION:
My condo is being rented when I applied for HPO loan to cover my assessment
for my leaky condo of $65,000. I need to know if you can recommend anyone in
the Vancouver area who knows how to prepare income tax for this
type of situation. How do I treat the cost on my income tax and what else
can I deduct as costs to my rented condo.
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david ingram replies:
Leaky condo repairs are a conundrum.
If you bought the condo to rent and it turned out to be leaky, the $65,000 of repairs is likely / should be a deduction.
If, on the other hand, you were living in the unit and some one told you that the repairs were deductible if you were renting it out and you moved out, rented it and then paid for the repairs, the repairs are "NOT" deductible but have to be added to the Adjusted Cost Base and can be depreciated when and if you make an annual profit.
Our West Vancouver office is 22 minutes from the Port Mann Bridge and at the north end of the Lion's Gate Bridge in Park Royal and we specialize in Real Estate taxation. We would be glad to look after your tax return.
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
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321
[email protected]
www.centa.com www.david-ingram.com
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