TAX QUESTIONS? YOU ASK LAH!

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Q: I rent out my fully furnished apartment and receive rental income. Can I claim tax deduction on the purchase of electrical appliances and furniture to make the apartment a fully furnished unit? 

A: No, these purchases of electrical appliances and furniture to make the apartment a fully furnished unit are initial expenses and capital in nature. Hence, they are not deductible against the rental income received. 

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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