Précis: The taxpayer deducted operating losses from “a vacation rental home, owned by the Appellant’s mother but rented by the Appellant, located in Tulameen, British Columbia. The amounts of claimed losses in issue were $28,938.34 in 2013 and $25,903.43 in 2014.” [Para. 1]. The taxpayer was self-represented. The Court found that the taxpayer’s predominant purpose was to earn a profit from the rental property and accordingly allowed him to deduct the losses in full. There was no order as to costs since this was an informal procedure appeal.
Crocket v. R. – TCC: Taxpayer entitled to deduct losses from rental property – Court finds predominant intention was to earn a profitREAD MORE »