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Updated about 5 years ago,
Using tax deductions to own a country house for free?
Hey guys,
I’m in Quebec, Canada and looking to purchase a cabin/country house for personal leisure purposes.
But I’m thinking; if I rented it out a let’s say 2 weeks of the year, can I claim the other 50 weeks of the year that it won’t be rented as losses and deduct all the expenses? I figure if i can do that, the country house would be almost free for me to use the 50 weeks of the year.
Am i totally off here or can this work? Let me know your thoughts. Thanks guys. :)