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posted Oct 30, 2019 11:13:51 AM

What is an expense or outlay in T5008?

What is an expense or outlay in T5008?

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1 Best answer
Moderator
Oct 30, 2019 11:13:52 AM

 

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.

 

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1 Replies
Moderator
Oct 30, 2019 11:13:52 AM

 

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.