TAX QUESTIONS? YOU ASK LAH!
Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!
Q: The electrical appliances and furniture in my rented out fully furnished apartment were damaged. Can I claim tax deduction on the replacement of these electrical appliances and furniture?
A: Yes, replacement of electrical appliances and furniture that were originally provided in the rented out property is allowed as a deduction against the rental income as the replacement costs are considered repair and maintenance expenses of the rented out property.
Wishing you plentiful tax savings!
Zen Chow
YYC Tax Guru
