What is an expense or outlay in T5008?

[mlaskewitz69]

What is an expense or outlay in T5008?

[TurboTaxSusan · Accepted solution]

Outlays and expenses are amounts that you incurred to sell a capital property. You can deduct outlays and expenses from your proceeds of disposition when calculating your capital gain or loss. You cannot reduce your other income by claiming a deduction for these outlays and expenses. These types of expenses include fixing-up expenses, finders' fees, commissions, brokers' fees, surveyors' fees, legal fees, transfer taxes, and advertising costs.

Thank you for choosing TurboTax.