Originally Posted by
sabad66
this is good to know. will definitely keep track of any new tools i buy as a rental expense (within reason)
interesting.... so rental property is essentially its own new "bucket" for income for tax purposes? So employment income is one, capital gains is another, rental properties is a separate bucket?
my rental and new residence are 3 blocks away so don't want to mess around with vehicle expenses and increase risk of audit. phone... what is a reasonable % of my monthly phone bill to say is an expense for being a landlord? 25%?
this is a good one i didn't think of. I moved into my new place Dec 19, 2018 so could i use the last 12 days of December being vacant as a cost as part of my 2018 tax return? i.e. the mortgage interest, prop tax, utility bill, condo fee, all prorated for 12 days out of 31 in december?
i'm generally pretty savvy with taxes so i do want to give it an honest attempt before i hire an accountant. that said, do you mind me asking how much your accountant charges you and a recommendation on one? you can PM me if you want