The main residence exemption can apply to disregard all or part of a capital gain or a capital loss when an individual taxpayer disposes of a dwelling (or ownership interest in a dwelling) that was their main residence. Lance bought a house situated on a one-hectare block of land on […]
Rental Properties – Claiming Repairs
You cannot claim the cost of repairing defects, damage or deterioration that existed when you obtained the property, even if you carried out these repairs to make the property suitable for renting. This is because these expenses relate to the period before the property became an income-producing property. Stephen needed […]