Does Determination E12 cover expenses paid for in advance by individuals as well as businesses? I want to reduce a high income this tax year by paying (rental property) rates in advance, my income next tax year will be lower.
I have recently purchased a four-bedroom home that is begging to be split into two units of two bedrooms each. I want to live in one half and rent out the other half (either a tenant or border). Can you please advise me of my TAX/LTC obligations? I do not own any other property.
We have owned one of our rental properties for nine years and have repaired the roof a few times on the cheap but now it is time for a new roof due to rust issues and leaks. We have no intention of selling and will not be changing the form or function of the building. We will also upgrade the insulation at the same time as the old insulation has become damp and ineffective in places. As the roof and insulation are an integral part of the building, can I claim both costs as repairs and maintenance? I would prefer not to be faced with this expense but for the benefit of the tenants comfort, this is required.