Hi All.
Quick question for those who may be able to assist...
I usually do my own tax returns via etax but have just turned a former PPOR into an IP in mid may, however I did not actually receive any income from the property until July 1. I paid for and received a depreciation report in Early May and have accumulated approx $1000 in expenses turning this property into a rental but would like to know if I am best not to declare anything on this tax return (as I have no 2013 income from this property). Secondly, can I still claim deductions for expenses i.e depreciation report even if I have not received income for this property?
thanks.
Quick question for those who may be able to assist...
I usually do my own tax returns via etax but have just turned a former PPOR into an IP in mid may, however I did not actually receive any income from the property until July 1. I paid for and received a depreciation report in Early May and have accumulated approx $1000 in expenses turning this property into a rental but would like to know if I am best not to declare anything on this tax return (as I have no 2013 income from this property). Secondly, can I still claim deductions for expenses i.e depreciation report even if I have not received income for this property?
thanks.