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Vacant Land Investing

Discuss anything to do with property law - buying, selling property

Vacant Land Investing

Postby Porfiro » Sat Nov 26, 2016 10:02 am

s About Taxes)/Vacant Land investing Advertisement Expert: John Stancil, CPA - 2/6/2006 We live in Ontario, Canada, and have bought a vacant lot for use later in building a few cottages to rent. IN the meantime I was wondering if we can use the property taxes and the mortgage payments to some use in our income tax.  Thanks for any help.
Porfiro
 
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Vacant Land Investing

Postby Thain » Wed Nov 30, 2016 8:18 am

Joanne,

Thanks for your question.

In the United States, the property taxes are deductible and the mortgage interest deductible as investment interest.  To deduct investment interest, you must have investment income at least in the amount of investment interest deducted.  I am not familiar with Canadian income tax laws, so this probably will not apply.  Hope this helps.

John Stancil, CPA
Thain
 
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Vacant Land Investing

Postby Farrs » Sun Dec 04, 2016 4:16 am

s About Taxes)/Vacant Land investing Advertisement Expert: John Stancil, CPA - 2/6/2006 We live in Ontario, Canada, and have bought a vacant lot for use later in building a few cottages to rent. IN the meantime I was wondering if we can use the property taxes and the mortgage payments to some use in our income tax.  Thanks for any help.
Farrs
 
Posts: 40
Joined: Fri Feb 14, 2014 12:12 am


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