I was wondering if anyone could give me some ideas, suggestions. I currently have a 2br unit which i could rent out that would cover most cost. What my idea is to buy a house that needs renovating, move into it with my mate (who happens to be a carpenter by trade) and do the place up add value, if i had a formal tenancy agreement would i be able to claim some of the renovation materials ?
Thanks in advaceHi Alias,
You could only depreciate the work you could not claim an outright deduction.
Repairs are precisely that repairs – any improvements move the work into renovations sphere and make them eligible for depreciation only.
You would howver be eligible to claim a proportion of the other costs – the proportion being determined in relation to the amount of space your tenant used compared to yours.
You would also have to declare the income.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
thanks for that my primary goal to add value then revalue etc but seeing what my options are
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