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New Member
posted Jan 11, 2022 1:17:43 PM

Can you deduct property taxes from capital loss on vacant land held as investment?

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Level 6
Jan 12, 2022 9:32:54 AM

We appreciate you choosing TurboTax

 

As per this Canada Revenue Agency CRA page: Line 25400 - Capital gains deduction

 

You can’t deduct your mortgage interest and property taxes for vacant land if you are not earning any income from that land. You can’t add these expenses to the adjusted cost base of your land. Also, you can’t deduct income taxes, profit taxes, or land transfer taxes you have for the vacant land.

 

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