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Line 8860 – Professional fees (includes legal and accounting fees) You can deduct fees for legal services to prepare leases or collect overdue rents. If you incur legal fees to buy your rental property, you cannot deduct them from your gross rental income (line 8299). Instead, divide the fees between land and building and add them to their ...
You can also deduct amounts paid or payable to agents for collecting rents or finding new tenants. If you paid commissions to a real estate agent when selling your rental property, include them as outlays and expenses on Schedule 3, Capital Gains (or Losses), when you report the disposition of your property.
When legal fees become tax deductible. Generally, personal (as distinct from business-related) legal fees become deductible for most Canadian taxpayers only where they are incurred to recover amounts which they believe are owed to them. As well, where those amounts involve employment or employment-related income or, in some cases, family ...
Legal fees. You can claim the following expenses: fees including any related accounting fees you paid: for advice or assistance to respond to the CRA when the CRA reviewed your income, deductions or credits for a year; to object to or appeal an assessment or decision under the Income Tax Act, the Employment Insurance Act,
Jul 31, 2020 · Unfortunately, most other legal fees paid by individuals are simply not tax deductible. For example, the cost of preparing a will, suing your neighbour over their untrimmed hedges, or fees paid to your real estate lawyer for reviewing the lease agreement on your personal condo rental, are all not tax deductible.
Nov 21, 2019 · The legal fees you pay while trying to make child support payments non-taxable are deductible. In addition, your legal fees from attempting to collect support payments owed by a current spouse, former spouse, common-law partner or the natural parent of the child are also deductible. However, the legal fees you pay to get a separation or divorce ...
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Aug 25, 2023 · Professional fees. If you hire an accountant or other tax expert to help you prepare your return, the fees you pay are a deductible expense. This includes the TurboTax Live service, which offers packages with support from experts on rental property taxes. Property taxes. Deduct property taxes paid to your municipality in the current year.
