You can only deduct these expenses from income earned, which would be capital gains or perhaps rental income if you are investing in rental properties. If you are flipping properties, you will have to keep a record of the expenses and report the total in the outlays and expenses column in schedule 3 to reduce any capital gains. Keep all fuel, repairs and insurance receipts. CRA is a bit touchy about real estate lately.
If you have purchased a rental property, you can deduct these expenses on your T776 Statement of Real Estate Rentals.
You can only deduct these expenses from income earned, which would be capital gains or perhaps rental income if you are investing in rental properties. If you are flipping properties, you will have to keep a record of the expenses and report the total in the outlays and expenses column in schedule 3 to reduce any capital gains. Keep all fuel, repairs and insurance receipts. CRA is a bit touchy about real estate lately.
If you have purchased a rental property, you can deduct these expenses on your T776 Statement of Real Estate Rentals.
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