I rented the property prior to mandatory declaration of deemed disposition (In 2014). I did not submit the election under section 45(3).
Do I have to do it now or wait until I sell. It is still rented out
If I have to do, is there a specified form or just a plain letter will do.
I also did not do proper appraisal. Will the market value or houses sold in the building suffice.
Any suggestions
Since ITA S230 mandates proper record-keeping for business and property income, the client should specifically hire the accountant to maintain and/or correct the record keeping of this income producing property for all years, beginning with purchase and start of rentals.Possibly zero years are available for election.
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Oh boy…some of the queries on here…
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