Which costs are deductible prior to receiving rental income?
By Nicci Courtney-Clarke · Updated
In respect of a second property that one rents out, starting off, can one deduct the following for personal income tax:
(1) Bond transfer fees and registration costs;
(2) Costs incurred on repairs to the property in the month prior to receiving the 1st rental for the property?
(1) Bond transfer fees and registration costs;
(2) Costs incurred on repairs to the property in the month prior to receiving the 1st rental for the property?
You can deduct the repairs only, the other costs are part of the base cost of the property reducing any capital gains on sale.