Quote:
Originally Posted by Locke
Well, from a totally different point of view, keep all the paperwork.
With a rental property there are alot of taxable implications. These can work for or against you. I would suggest you talk to your accountant (Or PM me) about what sort of things you should be looking out for.
This has to do with including the rent you receive as part of your yearly income and claiming it on your 2007 Income Tax return as well as balancing that income out with expenses incurred. Furthermore there are alot of considerations to be had with respect to capital gains upon sale, as your 3 options stated in your first post.
Other than that, congrats on dipping into a very lucrative market and good luck to you.
Locke.
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Yes sir!
Thanks - I'll definitely PM you.
Regarding cap gains, yeah I won't know anything about that until July 1 08 when I may need to move in, or find somewhere else.
Thanks again!