If the land which you are leasing is not being used as an income producing property, there should be no tax consequences. If it was used as income then you might have GST, or claiming your lease costs as an expense for business or rental depending on your circumstances.
If you need further clarification, please reach out to our tax experts by following instructions below:
I'm using TurboTax Live Assist & Review. How do I talk to a tax expert?https://turbotax.community.intuit.ca/replies/3456106 If the land which you are leasing is not being used as an income producing property, there should be no tax consequences. If it was used as income then you might have GST, or claiming your lease costs as an expense for business or rental depending on your circumstances.
If you need further clarification, please reach out to our tax experts by following instructions below:
I'm using TurboTax Live Assist & Review. How do I talk to a tax expert?https://turbotax.community.intuit.ca/replies/3456106skatergirls2
New Member
k-thorne7
New Member
abenes
New Member
leilaturbo
New Member
gnjuly142001
New Member
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.