1. If I buy a newly renovated property, can I claim the depreciation on renovations, the same as a brand new property ?
For example say the seller installed a new kitchen and polished floor boards and painted and repaired the property. Then I bought the property off them.
Can I claim depreciation on the kitchen and floorboards ?
What about the expenses ?
As far as i am aware 007, yes you can. As long as the property is and always has been a rental since you bought it and the depreciating fixtures were brand new, not just renovated.
But don’t just take my word on this as i am not a 100% sure. Hope this helps anyway.Here for a good time not a long time, just do it!.
Hi hwd007
Could I suggest emailing this guy. He’s more than helpful with info like this and a great human being to boot.
Take care
Dave [
][]Yes you should be able to. You’ll probably need construction dates and if possible construction costs as some of the work could be capital expenditure and some fixtures & fittings.
Talk to an accountant and a quantity surveyor.Rod.
Yes Dave I have spoken to Dale before and yes he is very helpful.
cheers.
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Yes you can,
you can do it several ways, the commissioner would allow
1. u estimate the cost of construction and you can claim the costs. Some costs are fixtures and fittings (40) and some are capital (43)
2. hire a quantity surveyor and he’ll estimate the costs for you
3. use an architect and he’ll estimate the costs for you
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