Hi,
Quick question. I am going to go and view a few properties with the intenion of maybe buying them for investment purposes.
Is the travel costs to see these properties a tax deductable expense as an individual? I know through a trust you can have a daily travel allowance and claim expenses in that fashion, but not sure what applies to an individual?
Any ideas would be apprecaited.
Cheers
Robert
Hi Robert,
My accountant said “No”. I couldn’t even claim the solicitor’s fee for a deal which fell through in the last minute. I’m not sure if those travel costs could be included when calculating capital gain at selling time.
Cheers
Huey
They’re a capital expense so they get added to the purchase cost for for CG purposes. But as you don’t already own the asset at the time of the expense it’s not a deduction.
Rod.
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