Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 

Can I claim my property transfer tax in rental expenses?

 
4 Replies

Can I claim my property transfer tax in rental expenses?

No, you cannot claim land/property transfer taxes as a rental expense. From the CRA:

You cannot deduct land transfer taxes you paid when you bought your property. Add these amounts to the cost of the property.

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/rental-expenses...

Can I claim my property transfer tax in rental expenses?

Where do I claim that?

Can I claim my property transfer tax in rental expenses?

You can't claim this anywhere on your tax return. You will add it to the cost of your rental property and it will be used in the calculation of the "Adjusted Cost Base" (ACB) when you sell the property reducing your Capital Gains.

https://turbotax.intuit.ca/tips/calculating-adjusted-cost-base-6285

Meli
New Member

Can I claim my property transfer tax in rental expenses?

Excellent information and confirmation and an additional thank you for the link to CRA details ! @TurboTaxKim you rock !!