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M
meli245523
April 30, 2023
Question

Where do you enter soft construction expenses

  • April 30, 2023
  • 1 reply
  • 0 views
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    1 reply

    H
    HelperVinoth
    May 1, 2023

    Hello meli245523

     

    According to the CRA, "Depending on your situation, soft costs may be deductible as a current expense or added to the cost of the building." More Info from the CRA on Capital Expenses Look for a section titled Construction soft costs

     

    It depends on whether the cost was related to construction/renovation/alteration and the time period of when the work was completed, and when you rented 90% or more of the building.

     

    Here's an article that describes how to claim expenses on rental properties.

     

    Hope this helps and thank you for choosing TurboTax!

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