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Returning Member
posted Feb 26, 2022 6:05:12 AM

Outlays and expenses

Hello,

i sold a rental property. 

Can i claim maintenance/condo fees, property taxes, interest paid on the mortgage to
finance the property during the years i've owned the rental for Outlays and expenses? 

0 1 124
1 Replies
Level 4
Feb 27, 2022 3:34:00 PM

As per the Canada Revenue Agency (CRA) you can deduct outlays and expenses from your proceeds of disposition when calculating your capital gain or loss. These types of expenses include fixing-up expenses, finders' fees, commissions, brokers' fees, surveyors' fees, legal fees, transfer taxes, and advertising costs.

 

Interest on a mortgage is deductible if you generate rental income from the property. In your case, it is deductible on line 8710 of the T776 Rental Income form. 

For more information, please see the links below

Is Interest Deductible?

Tax Tip: Claiming Mortgage Interest on Your Tax Return

 

Thank you for choosing Turbo Tax.