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My question is: Canadian-specific
QUESTION: I have to pay $30,000.00 for a leaky condo. Is this classified as a capital gains loss?
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david ingram replies or asks?
Are you living in the condo or is it a rental?
Did you ever live in it?
Were you living in it when you knew that it was a leaker so you moved out and rented it so that you could write off expenses?
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questioner replies:
I purchased the condo in May 1997 and resided there.
October 05, 1997, engineers were consulted and determined water penetration.
I moved out July 1998.
Repair approval February 2001.
HPO reconstruction load January 2003.
Current renters moving out June 12, 2004.
March 31, 2004, I retired and cannot afford the expenses to live there.
Do I sell or continue to rent?
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david ingram replies:
You need to continue to rent it out to stay even in the future or perhaps sell it and buy another one that you can afford.
Because you knew it need leaky condo repairs when ypou rented it ouot, the repairs are NOT deductible as repairs. They "will" be added to the adjusted cost base for the purposes of future capital gains tax.
You should come out to our free investment seminar at 1764 west 7th in Vancouver from 7 to 9 PM on Thursday evening
You will learn about some cash flow management techniques.
david ingram - if you cannot make it to the seminar this Thursday, the 20th or next Thursday, the 27th of May, there is another choice.
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Those outside of the Lower Mainland will be able to listen on the internet at
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Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600.
Old shows are archived at the site.
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