We have a house and apartment which we let out. We rent elsewhere ourselves.
We are selling the house this year. Tenants have moved out yesterday. We have to repaint the inside and will have other selling expenses as the selling process moves on.
Can we put any of these selling expenses as a deductable expense for 2014 when paying our rental income tax?
We have a house and apartment which we let out. We rent elsewhere ourselves.
We are selling the house this year. Tenants have moved out yesterday. We have to repaint the inside and will have other selling expenses as the selling process moves on.
Can we put any of these selling expenses as a deductable expense for 2014 when paying our rental income tax?
I believe most of the selling expenses should be written off against your eventual Capital Gains Tax liability, if any. They cannot be written off agaisnt rental profit.