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January 11, 2022
Question

Can you deduct property taxes from capital loss on vacant land held as investment?

  • January 11, 2022
  • 1 reply
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    1 reply

    January 12, 2022

    We appreciate you choosing TurboTax

     

    As per this Canada Revenue Agency CRA page: Line 25400 - Capital gains deduction

     

    You can’t deduct your mortgage interest and property taxes for vacant land if you are not earning any income from that land. You can’t add these expenses to the adjusted cost base of your land. Also, you can’t deduct income taxes, profit taxes, or land transfer taxes you have for the vacant land.

     

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