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Rental Property Worksheet
Full Name
*
Email
*
Phone
*
Social Insurance Number
*
Address of Property
List All Owners on Title
Enter each owner and their percentage share of the property. eg. Bob Smith 40%
Is This Also Your Personal Residence?
Yes
No
If "Yes" % of Personal Use
First Year Renting?
Yes
No
If "Yes" Start Date:
DD slash MM slash YYYY
Upload Purchase Details
Accepted file types: pdf, Max. file size: 32 MB.
OR Fair Market Value When Starting To Rent (If Personal Residence)
Last Year Renting?
Yes
No
If "Yes" Last Date Rented:
DD slash MM slash YYYY
Upload Sale Details
Accepted file types: pdf, Max. file size: 32 MB.
OR Fair Market Value When Stop Renting (If Personal Residence)
Total Income For The Year
Advertising
Insurance
Interest on Mortgage (Interest Only)
Legal, Accounting, and Professional Fees
Maintenance and Repairs (See Note 1 Below)
Management and Administration
Office Expenses
Property Tax
Salaries and Wages
Other
Specify Each Item & Expense on one line
Capital Additions and Purchases:
List each Item and expense - one per line
Note 1: Repairs and maintenance is maintaining the property not improving it. This would include lawn maintenance, snow removal, carpet cleaning, painting, and MINOR repairs. It does not include renovations, carpet or floor replacement, or any additions. All renovations or additions that add value to the property must be listed as Capital Expenditures and will add to the purchase cost of the property.
Auto Expenses: You can deduct motor vehicle expenses in the following circumstances: If you own the property - You can deduct reasonable motor vehicle expenses if you meet ALL the following conditions: -You do not live in the rental property. -You personally do the necessary repairs and maintenance on the property. -You have motor vehicle expenses to transport tools and materials to the rental. You CANNOT deduct motor vehicle expenses you incur to collect rents. If you own two or more rental properties - In addition to the expenses listed above, you can deduct reasonable motor vehicle expenses you incur to do any of the following: -Collect rents. -Supervise repairs. -Generally manage the properties. Your rental properties have to be located in at least two different sites away from your principal residence. You must also keep records of the kilometers you drove for your rental properties and the total kilometers you drove in the year. You must fill out a schedule for EACH vehicle used.
Make and Model of Vehicle 1
Purchased This Year?
Yes
No
Date
DD slash MM slash YYYY
Amount
If using vehicle for business first time, value of vehicle at date first used
KMs driven throughout the whole year
KMs driven for rental use
OR % of vehicle used for rental
Please enter a number from
1
to
100
.
Add another vehicle?
Yes
VEHICLE 2
Make and Model of Vehicle 2
Purchased in the Year?
Yes
No
Date
DD slash MM slash YYYY
Amount
If using vehicle for business first time, value of vehicle at date first used
KMs driven throughout the whole year
KMs driven for rental use
OR % of vehicle used for rental
Please enter a number from
1
to
100
.
Expenses for Vehicle #1: List 100% amounts for the whole year
Please submit in same order as vehicles above
Gas
Insurance
Interest on Loans (If you own vehicle)
Lease Payments (If leasing)
License and Plates
Parking and Tolls
Repairs and Maintenance
Expenses for Vehicle #2: List 100% amounts for the whole year
Please submit in same order as vehicles above
Gas
Insurance
Interest on Loans (If you own vehicle)
Lease Payments (If leasing)
License and Plates
Parking and Tolls
Repairs and Maintenance
Consent
*
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