I had my apartment unit on Airbnb for few months which I furnished with TV, furniture, beddings etc, should I add CCA or expense it? I finalized airbnb in the same year.
There were condominium rules that prohibited me to carry on Airbnb so I finally decided to just let it go.
I talked to a tax expert and she mentioned to expense it all since I concluded rental business in same year so there won't be CCA to carry on for next year.
If I have to expense it, should I just claim in Other expenses under Rental Income along with Condo Fee, Cleaning Fee etc or should I add CCA values with correct classes (like Class 8 for furniture etc, 12 for cutlery, linens, coffee maker etc) and use No assets left in class (even though some things are still in my use).
I've concluded all type of rentals for this unit (long term, airbnb) and is my principal residence now.
So basically.. Jan'19 - Mar'19 was on long term rental (started last year and had to evict tenant after that), and from Apr'19 to Aug'19, it was on Airbnb. I moved in Sept'19 till now.