Hi there....thank you for your response. So for 2024 tax year, if I had a tenant in Side A for 4 months and a tenant in Side B for 1 month, then I only use 4/12's and 1/12th of expenses for the year....do I have that right?
Also, do turbo tax accountants help me decipher between current and capitalized expenses for that $20,000 reno when I book appt with them to go over tax return?
The plan was to move son into rental right away, but floors were damaged, needed paint, water damage, needed electrical upgrade as a result of water damage, new appliances (mouse poop infested). Currently the rental is empty as we are waiting for our son to get back from work. Can I leave the rental empty as long as I don't write off any expenses?
If I get my son's rent back to Fair Rental Value on both sides, then I can resume writing off expenses, correct?
Lastly, do I have to report anything or fill out any forms for CRA if I'm using my rental property for personal use (renting both units to sons for reduced rent)?
Thank you so much for your time
