Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
T
tdetro
January 11, 2022
Question

Can you deduct property taxes from capital loss on vacant land held as investment?

  • January 11, 2022
  • 1 reply
  • 0 views
No text available

    1 reply

    S
    Surajth
    January 12, 2022

    We appreciate you choosing TurboTax

     

    As per this Canada Revenue Agency CRA page: Line 25400 - Capital gains deduction

     

    You can’t deduct your mortgage interest and property taxes for vacant land if you are not earning any income from that land. You can’t add these expenses to the adjusted cost base of your land. Also, you can’t deduct income taxes, profit taxes, or land transfer taxes you have for the vacant land.

     

    Please contact our phone support team or contact us directly on Facebook or Twitter if you require further assistance

     

    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsCookie settingsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification