Ontario Tax Sale Property Forum
Tax Sale Forum => Questions and Answers => Topic started by: new_1 on February 25, 2010, 04:42:17 AM
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Guys, can you claim (or write off) lost deposit $$$ from Rev Canada, in your incomeTax?
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Guys, can you claim (or write off) lost deposit $$$ from Rev Canada, in your incomeTax?
I'm pretty sure we covered this in previous posts.
If you are buying this as a business, whether it is incorporated or not, I believe you can deduct it as a business expense, that would go for deposit costs, searches, travel costs to do your research, etc...(I don't think you can include bribes to Municipal Officials).
The down-side of running it as a business is that you will pay full taxes on any profits you make from your ventures, as opposed to buying the occasional property, as a hobby, and realizing some capital gains and therefore only paying taxes on half of the gains. 8)