Owning a second property with no real rental income and the implications on tax
By Marc Sevitz · Updated
Since I don't charge rent, would the monthly levies that they pay be seen as an income to me from the apartment? (As the owner of the property, I would normally have to pay this). Expenses that I incur on the property are rates & taxes, bond interest and insurance. These expenses exceed the monthly levies.
Is it possible to claim these expenses as tax deductible expenses in my tax return? Is it worth doing this - is there any benefit to my overall tax assessment?
You cannot claim expenses while you are not actively seeking rental and actively trying to earn income.