Client Moved from House A to House B on 1st Nov 2017. Still owns House A & B. Rented out House A now. Tax Implications?
Facts about the scenario :
House A bought in 2011 for $300K. Value of House $700K now and has refinanced house on this new value to buy House B.
On Nov 2017 bought a new bigger House B for principal residence for $900K.
Rented out House A on 1st Nov 2017.
(a) Property tax for ONBEN , I suppose can be claimed from Jan 2017-Oct2017 for House A and then for Nov 2017- Dec 2017 for House B
(b) T776, declaration of rental income for 2 months should be made with corresponding expenses .
(c) Client (client is a commission employee) has 2200 signed by his employer(showing client needs to work from home), so I suppose home office expenses can be claimed for 10 months in accordance with House A and for 2 months on House B.
(d) Last one Principal residence Exemption- how to go about filling this form? This is very confusing.
(e) Anything else that I need to show on the tax return?
Please if anyone can help me with clarification of what essential steps I need to take to file this complex tax return.
Your response is much appreciated.