Tax Deductions – Holding Costs and Vacant Land (Part 2)

In this second part of the two-part series on obtaining tax deductions for holding costs in relation to vacant land, four different illustrations are given as to how this law operates. The examples show how substantial renovations, substantial structures and separate titles can cause land to be treated as vacant for the purposes of this law. Also illustrated is a change in the deductibility of interest if a property is sold.

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