Question

I put my rental property for sale part-way through the year and it was not sold in the year. What expenses can I claim?

Forum|Forum|3 years ago
April 19, 2022
1 reply
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When my property was for sale, it did not have tenants. Can I still claim the condo fees, insurance as expenses?

As per this Canada Revenue Agency (CRA) page - Completing Form T776, Statement of Real Estate Rentals: Part 4 – Expenses: “You cannot claim the expenses for renting part of your property if you have no reasonable expectation of making a profit.”

So, if you didn’t have any tenants, and were not actively trying to rent the property (ex: advertising for tenants), then you can’t claim any expenses. If you rented your condo for part of the year, you can still claim expenses for that period.

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