REAL ESTATE COMMISSION TAX DEDUCTABLE?

I recently attended a seminar on " Taxation of Residential Real Estate" put on by the Oakville Real Estate Board. The speaker was Maureen Tabuchi and was sponsered by Insuranceland and Colour Tech marketing One expense often overlooked is moving expenses. You can potentially garner a huge refund providing you move at least 40 kilometers to another location. Your moving expenses might be allowable if you are employed and your new home is closer to work, you are moving closer to your self employed business. You are a full time student and moving to attend school or closer to a summer job.

Many expenses that may be deductable are as follows, packing, breaking a lease, furniture storage, insurance costs, transportation costs, up to 15 days of meals, mortgage prepayment penalties, legal fees, and REAL ESTATE COMMISSIONS ( OF YOUR OLD HOME) mortgage interest, property taxes( up to $5000 ) utility reconnections.

Please if you are planning a move over 40 km , please contact your accountant to verify the above information, and to verify the latest tax information. So you can know what you can and cannot deduct.