I have purchased a commercial and residential-mix building consisting of 3 residential suites and 5 office or commercial suites which generates gross revenues of approximately $2,800.00 per month. When I took possession of the building, I moved into one of the suites day 1 of ownership, so use this building as my principal residence while renting the other spaces. If I sell this building, what portion will be considered as having a capital gains tax consequence and what portion of my renovations/maintenance/improvements costs can be considered as a write off? Secondly, can my labor as property manager be taken into consideration as an expense for tax write off purpose? I am looking forward to your reply Ozzie. Thanks in advance:)
