Hi there
I've been reading posts from this site, and they have been quite helpful, however I can't seem to find an answer to a burning question I have.
I purchased my house in Gatineau in 2004, while I was in a relationship. We moved in together and got married in 2005 (in Ottawa). My partner and I left Gatineau and the house became a rental property from 2008 til April 2012, which is when we separated. My question is, how should this be claimed on my NFP? The current house value is $150 000, but I still owe $60 000, profits were never made from this house, the tenant's rent covered taxes and the mortgage. Unfortunately when I took the house back it needed major repairs . Any advice would be greatly appreciated.
I've been reading posts from this site, and they have been quite helpful, however I can't seem to find an answer to a burning question I have.
I purchased my house in Gatineau in 2004, while I was in a relationship. We moved in together and got married in 2005 (in Ottawa). My partner and I left Gatineau and the house became a rental property from 2008 til April 2012, which is when we separated. My question is, how should this be claimed on my NFP? The current house value is $150 000, but I still owe $60 000, profits were never made from this house, the tenant's rent covered taxes and the mortgage. Unfortunately when I took the house back it needed major repairs . Any advice would be greatly appreciated.
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