Hi,
My investment property had an incident (flooding due to the toilet) this year, most of the cost were been covered by the landlord insurance, however, this flooding caused the damage to my neighbors as well, and insurance doesn't cover this expense (about $7k). Can I claim this expense as a deduction? If yes, which category should I put when I do the tax return. Thank you
Shawn
Hi @shawn_yxt,
Nope.
When we look at when you can claim a deduction, it's for your property. If it was, you'll be looking at claiming the expense as a repair.
Hi @shawn_yxt,
Nope.
When we look at when you can claim a deduction, it's for your property. If it was, you'll be looking at claiming the expense as a repair.
Hi,
But this expense (loss) is due to my investment property, which is one of the investment activities. Then can I claim as investment expense? Thank you
regards
Shawn
Hi @shawn_yxt,
No. I totally get where you're coming from.
If we look at the 5 elements used to work out the cost base for capital gains tax purposes, none of them talk about damage to other people's property either.
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