Hi all,
I rented out my cottage for the first time in the 2017 tax year. I have two questions.
1. How much of my expenses can I claim. All of the examples I see of rental income and expenses are when people are renting out a percentage of their home, therefore they can claim the percentage of the expenses based on the percentage of the home. I am renting out my entire cottage, but not all the time. Can I claim the amount of expenses based on how often the cottage was AVAILABLE to be rented? i.e. I used the cottage about 12% of the year. The rest of the time it was available. Can I claim 88% of the expenses.
2. Is it ok for my expenses to be greater than my income? Is there a limit to how much rental loss I can incur?
Thanks,
Wayne.
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This link will help you understand your rental situation more thoroughly and also the tax consequence.
https://turbotax.intuit.com/tax-tips/rental-property/real-estate-tax-and-rental-property/L3e09vT71
This is US tax law, correct? Do you have the same information for Canada?
This is for US. Canadian rules are likely similar but do not fall under the information contained in this link
You can ask the same question using the Canadian equivalent here
https://turbotax.community.intuit.ca/tax-help
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