Can lawyer fee, occupancy fee and utilities be claimed as expense on a rental property purchased in Dec 2018 and there was no rental income? Thanks
The legal fees incurred to purchase property are considered as a capital expenses and added to the value of the asset. Utilities can be claimed as an expense in the first year even if there is no rental income received.
Please provide additional information on the occupancy fee purpose.
Can lawyer fee, occupancy fee and utilities be claimed as expense on a rental property purchased in Dec 2018 and there was no rental income? Thanks
Occupancy fee is monthly fee charged by the builder to the buyer from interim closing to final closing, includes interest charged on the remaining balance, estimated condo maintenance and operations, taxes to municipal if any.
So, claiming expenses with no rental income, it will not trigger CRA to audit?
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