Hello everyone.
Last year my girlfriend and I purchased a split level duplex for the obvious reason of gaining some income from the basement. I am now navigating through Turbo Tax putting together my tax return. So far I will be claiming:
I purchased a number of tools to complete various maintenance renovations in the rental unit and I was wondering if I could claim these as an expense, and if so, where?
Any other suggestions about what to claim and how would be appreciated.
Graham
Last year my girlfriend and I purchased a split level duplex for the obvious reason of gaining some income from the basement. I am now navigating through Turbo Tax putting together my tax return. So far I will be claiming:
- The revenue generated
[*]Contractor and material costs for renovations (maintenance and repairs)
And because we rent only 1/2 the home we will claim 1/2 of:
[*]Utilities (as we pay these)
Insurance
Interest on Mortgage
Property Taxes
I purchased a number of tools to complete various maintenance renovations in the rental unit and I was wondering if I could claim these as an expense, and if so, where?
Any other suggestions about what to claim and how would be appreciated.
Graham