OTR Tax
If you have a rental property, the basic write-offs include the interest you pay on your mortgage, property taxes, insurance, utilities (if you pay them), repairs and maintenance, property management fees, advertising, accounting fees, condo fees, and bank fees. Some repairs are expenses and some repairs are capital additions.
Larger, more permanent improvements to the property must be capitalized and depreciated over a number of years. If you have ever used or plan to use the rental property as a principal residence, then you must be careful to not disqualify yourself from claiming the principal residence deduction.
The principal residence deduction is available on your home and means you don’t pay tax on capital gains of your own home when you sell it. If at any time, you rent out the house that you also plan to claim the principal residence deduction on, you should talk to us first.
Contact OTR Tax
| Address : | 30 Water St E, Little Current, ON P0P 1K0, Canada |
| Phone : | 📞 +7997 |
| Website : | http://www.otrtax.ca/ |
| Categories : | |
| City : | P |
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