Your land lease payments do not qualify for any tax deductions as this is your principal residence. These costs are considered personal in nature and therefore are not deductible. If the property was used to produce income these costs may be deductible against the business or rental income you are reporting.
However, depending on your province of residence on Dec 31, you may be entitled to a provincial credit or benefit. IE: if you live in the province of Ontario, the rent and property taxes could be claimed for purposes of the Ontario Trillium Benefit.
What is the purpose of this property? Is it you principal residence? A rental property? A recreational property?
Yes, it is my principle residence. The "Lifestyle/Retirement Community" is owned and operated by Parkbridge Corporation, my community houses 450 Individual homes. Parkbridge owns numerous similar Community's, and Marina's across Canada. Thank you for taking the time to respond to my question. Much appreciated, Brian.
Your land lease payments do not qualify for any tax deductions as this is your principal residence. These costs are considered personal in nature and therefore are not deductible. If the property was used to produce income these costs may be deductible against the business or rental income you are reporting.
However, depending on your province of residence on Dec 31, you may be entitled to a provincial credit or benefit. IE: if you live in the province of Ontario, the rent and property taxes could be claimed for purposes of the Ontario Trillium Benefit.
I live in Ontario - I own the property but lease the land - I have a breakdown of the lease fees and the property taxes - do I add these together and select property taxes or rent on the turbo tax forms??
Brian - what amount do you put on your return - the total of lease and property taxes - what option do you select - rent or property taxes - it doen't give you both options together
I live in Ontario, how do I claim both my property taxes and my land lease payments?
@Tcrawf If you are using TurboTax Online or TurboTax CD/Download Easy Step Mode, enter one payment first (rent or property tax), then click on the Additional Home button and enter the second payment.
If you are using TurboTax CD/Download Forms Mode, enter the two payments as separate receipts (1 and 2).