Purchase and Sale of Rental Property
The capital cost of your rental property is recorded in your personal tax return on form T776 Statement of Real Estate Rentals. The cost of the building is recorded in the capital cost allowance schedule on this form, in the additions area. The cost of land purchased during the year is recorded at the bottom of form T776 on line 9923. The cost must be recorded in Canadian $.
Original Article Source Credits: Taxtips , https://www.taxtips.ca/
Article Written By: NA
Original Article Posted on: April 27, 2021
Link to Original Article: https://www.taxtips.ca/personaltax/propertyrental/rental-property-purchase-sale.htm