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Resident home became investment property

Newbie

Views 348

Replies 1

Hi there,

I have started medical treatment overseas since Sept 2019 and I am still overseas. However, in Jan 2020, I had decided my primary resident to put on a lease as I will be taking medical treatment for 5 years overseas. The real estate agent put the property on lease in the market in May and the tenant moved to my property in June 2020. I am applying for tax returns by myself so I would like to know what portions of expenses for an investment property I can include on my tax return;? Do I need to include expenses that occurred from Jan or May or June?

 

I would appreciate it if a tax professional can answer this question.

 

mortgage Interest

Loss of rent  due to vacancy

insurance

 

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 0

You can start claiming expenses on a renatl property from the time it became ready to be leased. The question for you to answer is, was the property ready to be leased in January, that is, had the real estate agent advertised the property for lease in January? If yes, then you can claim expenses relating to period January to the end of June. If no, then you can only claim those expenses relating to the period commencing when it was advertised for leasing to the end of June. 

 

 

1 REPLY 1

Most helpful response

Devotee

Replies 0

You can start claiming expenses on a renatl property from the time it became ready to be leased. The question for you to answer is, was the property ready to be leased in January, that is, had the real estate agent advertised the property for lease in January? If yes, then you can claim expenses relating to period January to the end of June. If no, then you can only claim those expenses relating to the period commencing when it was advertised for leasing to the end of June.