Home office expense against employment income

Some employees are allowed to deduct home office expenses on their tax returns if employers allowed and complete T2200 form, declaration of condition of employment expenses. You can include a portion of the rent, utilities bills in proportion to your office space. In some cases office supplies and cell phone bills are also allowed. Your deductible home office expense cannot exceed your income from the employment.

Keeping track of vacation property cost

When selling a vacation home, the gain on that property may be taxable in the future. It is important to keep track of the cost to acquire the property; the higher the documented cost, the lower the gain when the property is sold. It is also important to keep track of capital costs to the property, as they further increase the cost of the property. A capital cost is for a lasting improvement to the original condition of the property,
for example, replacing carpets with hardwood floors.