I did renovation on my parent's rental property. All receipts under my name. House is under their name. Who claims?
Hi there! I could use any general advice and working ideas. Please dont give the standard "seek out an accountant" reply. I am more than aware of that but i want to do my own research first and get some ideas of my options from you gurus.
Anyway, I went a bit all out in 2014 and did about $90,000+ on housing
renovations for my parent's rental property (it's a 3 unit house). I didn't realize i was spending so
much until just today when i sat down with a calculator. So i was
wondering are there any tax deductions i can apply for on my income tax
return for 2014?
This property is not owned by me or anything so I don't expect i will be able to get any tax deductions at all which doesn't bother me but felt i should ask you in case i might be leaving something on the table during tax time.
Alternatively, if i am not able to get any tax benefit for myself because this rental property is not owned by me, can i apply any of these benefits to my parent's return even though it was 100% of my own money being used? I did not gift the money beforehand so all receipts show payments made on my credit cards. Would CRA allow these receipts to be seen as current/capital expense costs for this rental property even though the are all under my name, not my parent (who owns the property)?
Thanks for any info