Should I break down occupancy fee to tax/interest/management fee to report on T776 against rental income? Thanks
I rented out my condo and paid occupancy fee before final closing, should I break down occupancy fee to taxes, interest and management fee on T776 instead of a lump sum amount for Other Expense? I'm afraid other expense will trigger audit. Thanks
011591
1 Replies
TurboTaxKim
Level 15
Oct 31, 2019 12:56:42 AM
Yes. If you have the actual breakdown of your expenses, it's always a good idea to enter them in the specific categories that are available on any schedule or statement of the tax return.