I bot a rental property in the US for 150K and spent another 50K to renovate plus carrying costs etc. How do I depreciate this? I have all costs summarized but Im lost
I bot a rental property in the US for 150K and spent another 50K to renovate plus carrying costs etc. How do I depreciate this? I have all costs summarized but Im lost
I bot a rental property in the US for 150K and spent another 50K to renovate plus carrying costs etc. How do I depreciate this? I have all costs summarized but Im lost
You need to split the 50K into two categories: capital expenses and currents expenses: check chapter 3 in this link:
The capital expenses can be added to the price of the purchased and the current expenses use them as rental expenses.
The Adjusted purchase price is added as the addition cost on the CCA table of the rental sheet T776 and the first year of use you use 1/2 pf the CCA value.
Check this link for the rental statement guide on how to complete the CCA table:
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