What do you do when your landlord sells the property and another one takes over?

mrcold1007 · ‎October 30, 2019

Live in a apartment landlord sells property still live there but the rent goes to different landlord now.

TurboTaxLucie · ‎October 30, 2019

You can put two line first set with first landlord and second with the second landlord's name

seangarrity69 · ‎January 16, 2021

Expensing or depreciating tools as a landlord

I live in Ontario, Canada. Please provide a response to the below question specific to my geographic region.

Is there any way to reduce my EBT as a landlord if I have purchased typical tools needed to conduct repairs, maintenance, and/or renovations deemed as capital spending (installing metal roof) for my rental property? I do not want to start up a company to achieve this even if that would work.

Thanks,

Sean

TurboTaxHeba · ‎February 1, 2021

You can claim CCA on your purchased tools to reduce your revenues before taxes, however, the building has to be available for rent (or 90% already rented) before you claim the CCA. You can use the CCA to reduce your rent to zero but not to create a loss.

Any capital expenses that are attached to the building (roof) falls in the same class as the building. Capital expenses that are not attached (deck) fall in class 8. Similarly, tools and appliances are claimed under class8.

For more information on what expenses to claim, check these links:

https://turbotax.intuit.ca/tips/dos-and-donts-cca-for-rental-property-explained-6377

https://turbotax.intuit.ca/tips/rental-property-expenses-current-or-capital-6379

I hope this was helpful.

What do you do when your landlord sells the property and another one takes over?

Investors and rental owners

Investors and rental owners

Investors and rental owners