Claiming REIN fees for taxes

[esteyjk]

Hello,

All of my properties are held in my personal name and I would like to know if it`s reasonable to claim REIN fees as an "Other Expense 9270" on the T776 Statement of Real Estate Rentals. Same question in regard to real estate investing seminars. As well, I`d like to claim a portion of my home expenses (i.e. utilities, property tax, insurance, cell phone, fax) - would these be categorized as "Other Expenses 9270" or "Office Expenses 8810"?

Thanks,

John Estey

 

[Greatful]

I`m 90% sure you can.
I`m going to see my accountant this week and will ask.
If no one has awnsered(which I`m sure someone will) then I`ll get back to you.

 

[DonCampbell]

Hi John,

As REIN is your research source, many Members claim it for what it is, market and business research (that`s how they enter it into their Quickbooks as well).

Each accountant handles it differently from another, so make sure you check with yours.

 

[Grant]

Hi,

There was already a topic on this. Click here to view it.

In case you didn`t, you should use the search function to find existing topics before posting questions that may have been asked before. Click here for tips on how to use it more effectively, if you already tried it. In my case, I searched "+dues +rein +tax" (without the quotation marks) and found it right away.

 

[KimFranz]

Hey John,

I claimed all my "non-property specific" expenses on the business summary form T2124 as a business with no income and then REIN fees would be entered in "memberships 8760". All the expenses specific to a property were on the rental summary forms. That was last year and CRA didn`t have a problem with it. This year I am having an accounting firm work on my taxes for me, so I`ll see how they do it. It sounds like you are doing it on your own, which is commendable, but I would recommend having an accountant do it at least once to make sure that you are claiming all the expenses you can... and don`t forget that their fees for doing your taxes are also tax deductible!!

Kim