Rental income

[BIGABOY]

Hey guys i got a qustion about my rental prop. its a condo building built in 2006 and last year they found out that we have a foundation problem, ( it wasn't sealed right) so our underground parking lots leaks and it is wrecking our concrete on one corner, so this year they put out an assement or a cash call saying we owe the condo board 6,500 on top of our condo fees, my qustion is, can i claim this on my taxes, i asked the CRA and i didn't get a striaght answer from them they told me to read the guide, This is a negitive income prop, as i have to cover some of the mortage for the condo, just the way the market was and with my new job i had to move closer to work.

thanks BIGABOY

[ironwill]

Work more overtime ya bastidge!!!!lol.......If i had your money id burn mine.....

Seriously i believe it is maintenance costs, and you should be able to deduct it on an income property...Call good ol H and R block, those folks should be able to help you out.....

[gingerbreadman]

Hey guys i got a qustion about my rental prop. its a condo building built in 2006 and last year they found out that we have a foundation problem, ( it wasn't sealed right) so our underground parking lots leaks and it is wrecking our concrete on one corner, so this year they put out an assement or a cash call saying we owe the condo board 6,500 on top of our condo fees, my qustion is, can i claim this on my taxes, i asked the CRA and i didn't get a striaght answer from them they told me to read the guide, This is a negitive income prop, as i have to cover some of the mortage for the condo, just the way the market was and with my new job i had to move closer to work.

thanks BIGABOY


So this is where you live? If so it's a principle residence. In Canada you can't claim expenses on your principle residence. At the same time if you sell it and make a profit you don;t have to claim that either. If it's a secomnd residence and your main home is elsewhere, you'd have to be renting this condo out to someone else to turn it into a rental property then it would be claimable. If you're living in it then black & white not deductible.

OK read it again, I see it is a rental property. Yes, its deductible as condo fees/maintenance as irnwill says

[BIGABOY]

Hey who got up at 1:30am to go into work ??? hahaha, and ya thats what i thought i just wanted to ask maybe i will call H and R block maybe they can dumb down the answer for me lol

thanks, can't wait to sell that condo

[Iwant2Grow]

If you don't live in it it is then a investment thus your carrying costs ie interest, maintenance ( repairs ur are talking about) condo fees are all deductible against the income it earns or lack there of.

hope this helps

[s.tranger]

being a landlord does have is problems