TAX QUESTIONS? YOU ASK LAH!

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Q: I was staying in my own property with furniture before I rent out the property. When the property was being rented out, I have replaced some existing furniture. Can I claim the furniture replacement cost as direct expense against my rental income?

A: If your tenant was still using the existing furniture when you rented out your property, and thereafter you replaced them during the tenancy, the replacement cost will be deductible against your rental income.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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