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What if someone’s rental property is in Edmonton and he spends money on hotel and flights to manage the building of deck and fence. Can he claim full hotel and flight cost against the rental income?
Thank you for providing the information. If I own a condo unit and rent it out for two years, reporting neither profit nor loss monthly due to high-interest rates. In the third year, I move in and stay a year, report it as my primary address. If I sell it in the fourth year and earn a profit, would I be liable to pay capital gains taxes?
Thank you for this video. You made a comment regarding home office deductions and principal residence use when you sell the home can you elaborate a little bit more on that? Does is it mean that when you sell the home your home you loose some of the principal residence deduction?
Thanks Cherry for detailed educational video. How are losses on pre-construction assignments sales taxed? Do they qualify as business losses given they’re sold within 12 months?
Hello Cherry, I got a mortgage statement from bank. There is a line indicate I have deferred interest. Am I allowed to put it into T776 as interest expense?
Hello Cherry, i bought a new washer when the previous washer in the rental property is broken. In this case, is this expense cash expense or capital expense? Thanks
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realestatetaxtips.ca/youtube
Hello Maam
I have a question to ask .
Is there a way to contact u Maam.
Thank you
What if someone’s rental property is in Edmonton and he spends money on hotel and flights to manage the building of deck and fence. Can he claim full hotel and flight cost against the rental income?
My question also!
If that was your sole purpose to manage your real estate
Hey Cherry, do u do crypto taxes for 2024 and later 2025. Thanks in advance!
Can you use a capital claims allowance on depretiation on your condo.
Thanks for sharing your knowledge
Hi Madam. I was wondering if you help me out. I have a rental. How long do i have to live in it without incurring capital gains tax?
Thank you for providing the information. If I own a condo unit and rent it out for two years, reporting neither profit nor loss monthly due to high-interest rates. In the third year, I move in and stay a year, report it as my primary address. If I sell it in the fourth year and earn a profit, would I be liable to pay capital gains taxes?
Yes 100%
@@stephenn88 Do I have to pay tax on the gain?
@@shinyl7947 yes do you think you are smart and found a loophole ?
@@stephenn88 if I am smart, i don't need to ask the question in here, right?
Thank you for this video. You made a comment regarding home office deductions and principal residence use when you sell the home can you elaborate a little bit more on that? Does is it mean that when you sell the home your home you loose some of the principal residence deduction?
Thank you for the video!
Are occupancy payments reported as an expense or capital investment?
Do you recommend to hold rental in LLC? 2nd what is new equipment addition?
Thanks Cherry for detailed educational video. How are losses on pre-construction assignments sales taxed?
Do they qualify as business losses given they’re sold within 12 months?
Yes
Hi Cherry
Can you shed some light in the new budget. There is new Accelerated Cost allowance for new rental properties. Thanks
Absolutely, stay tuned!
Hello Cherry, I got a mortgage statement from bank. There is a line indicate I have deferred interest. Am I allowed to put it into T776 as interest expense?
You cannot
Be interesting to hear your opinions on how the 66% capital gain impact the housing market.
Stay tuned!
Please do a video on the new Capital Gains changes that were recently made. Thankyou😊
Just released a new video on the capital gain tax changes: Go check it out here ruclips.net/video/06lpBnyeiPQ/видео.html
@@RealEstateTaxTips thanks, I've watched multiple videos and resorted to my tax software to get my answers. Thankyou!
Very helpful, thank you!
Glad it was helpful!
Thank you for the video!
Hope it was helpful!
Hello Cherry, i bought a new washer when the previous washer in the rental property is broken. In this case, is this expense cash expense or capital expense? Thanks
Same model will be expense
@@stephenn88 hi do you mean cash expense?
@@stephaniemart6133cash