Paid closing costs, land transfer tax, new flooring, and fixed foundation on rental property all in 2017. No rental income till 2018. What and how can I claim?
Paid $1269 in lawyer fees, land transfer tax, $2200 for flooring, $1000 to fix crack in foundation, $338 for home insurance. All these expenses were incurred the last month of tax year 2017. I did not have a tenant paying rent until February 2018. Therefore I had no income from rent in 2017. This is my first rental property. What can I claim? Where does it go? What do i call each of these expenses? Are they maintenance? Current expenses? Capital expenses?
Paid closing costs, land transfer tax, new flooring, and fixed foundation on rental property all in 2017. No rental income till 2018. What and how can I claim?
You will enter all the expenses in 2017 when they occurred and carry forward a loss that can be claimed against income for 2018 or future.
Here is an article that goes over how to complete the T776 form - what you will need to complete. In addition to which expenses you can claim.
When you select Rental property in the profile section the software will walk you through entering the different amounts. You will need turbotax Premier or Self employed to have the T776 form.
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