A block of land is not an income producing asset,a house with rental income is.It 's just how the tax act works and also relates to the theory of accounting.So you have a block of land then ,the expenses in holding it will be offset for tax purposes in the year that the contract of sale is signed(note it is not the year of settlement ,the way the act works.)Other than that, your accountant will be able to help further on his/her return .
