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Posted by joetaxpayer on June 12, 2007, 1:06 am
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nickra wrote:
> Ok, I have a home, I stay in it for 14-28 days a year. It is
> not my legal residence. I have rented it out for 30 days. I
> take that income and deduct 12 months of mortgage, interest,
> maintenance and expenses to produce a loss? This true? And I
> can deduct this loss against my job income, other rental
> property profits, capital gains?
To be treated as a business for tax-loss purposes, your use
of the property can't exceed 14 days or 10% of the days the
unit is rented during the year, whichever is greater. If you
stayed there 15 days, you are out of luck. You may have a
tough time claiming 'rental' if it was only rented for 30
days out of the whole year.
JOE
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