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Rental Income - Expenses for non-rented months


mrq2
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Condo was rented out until July 1, 2021 and then sold August 12, 2021. Can I claim expenses (condo fees, mortgage insurance, property tax, and condo insurance) for the month of July and half of August (time needed to repair, paint then sell)?

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Although I couldn't find a definitive answer, I believe you can.  After all, if you had that break between renters, you'd continue to claim the expenses.  Even though it wasn't rented, it needed repairs between tenants.  It was a rental unit, it sold as a rental unit, and your capital gains / losses will be treated as a rental unit.  And, if the property hadn't sold, you may have rented it out again.

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  • 2 weeks later...

Yes you definitely can. You should likely claim the repairs and repainting as costs in order to sell, as part of hte capital gains calculation rather than ongoing maintnence on the T776. also make sure you indicate on the T776 that this was the final year or operations.

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