Can i claim expenses as capital expenses and where do i do that

[smart2apple]

can rental expenses be claim as capital loss

[saculvez]

Yes you can claim certain rental expenses as capital expenses

As per CRA: Capital expenses provide a benefit that usually lasts for several years. For example, costs to buy or improve your property are capital expenses. Generally, you cannot deduct the full amount of these expenses in the year you incur them. Instead, you can deduct their cost over a period of several years as capital cost allowance (CCA).

These expenses can include:

• the purchase price of rental property
• legal fees and other costs connected with buying the property
• the cost of furniture and equipment you are renting with the property

You need to determine if it is a capital expense or a current expense.

TurboTax article: Claiming Expenses on Rental Properties

You can claim a capital loss if your rental loss is more than your income from other sources.

Your loss is considered a Non-Capital Loss and can be carried back or forward to reduce your tax bill in previous years.

TurboTax Premier offers an easy step-by-step guide on how to report your rental income and expenses.

If you require further assistance please contact our phone support team or contact us directly on Facebook or Twitter.

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