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Capital tax on property purchase? |
On purchasing an investment property & after the date of sale contract, do travel , phone, postage expenses to real estate agent/ conveyancer count as cost base expenses (for capital gain tax) or yearly taxable rental expense (??) or non-taxable at all ? Direct costs of purchase (i.e. title insurance, brokerage fee) can be added to your cost basis. Operating expenses like travel and phone cannot be capitalized, but can be take as operating expenses, which can reduce your income in the year of purchase, depending upon your situation. |
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