Hi All,
I am new to this forum and relatively new to IPs. What a great site we have here! I’ve looked through some of the old posts and there’s heaps of great info [biggrin]
I have a couple of question that would be great to get some feedback on (sorry if they have been posted elsewhere but I have tried searching….)
1. I understand that you are unable to claim depreciation of a property which was build before 1985? If there have been extensive renovations only 4-5 years ago, can this cost de depreciated? I am looking at buy a property which fits this criterion. Would I need to get copies of the renovation bills from the vendor, or can you get an independent assessor in to valuate the work done?2. Can mortgage insurance be claimed straight away, or does it form part of the overall investment cost and depreciated over a period of time?
Any feedback would be greatly appreciated!
Thanks guys, and keep up the good work [thumbsupanim]
I am not sure but think if the renovations were done by a developer it should be ok. You can always ring the ATO or your accountant to find this out. The ATO are usually very helpful and do not charge and you do not have to provide your details
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Hi Banked,
You can get a depreciation report done on the value of your property, this is common practise and the tax office is happy with it. Make sure you use a reputable company though.
I Haven’t been to the forum for a while, but there was a very helpful fella called the Depreciator who used to post.
Maybe do a search on his posts, it should be helpful.
Cheers, Sue“Be careful not to step on the flowers when you’re reaching for the stars”
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