Can the legal fees and stamp duty on the purchase of an investment property be deducted in the fist tax return.
My accountant said they are only claimed when you sell the property and they are claimed against the capital gain.
Any advice pleaseHi Phil
Your accountant is right, they are ‘capital expenses’ and so only claimable if and when you sell except……
In the good old ACT, we have leasehold land, and as a result of this, stamp duty is claimable in your tax return
]You pay the stamp duty to the ACT government, and then you claim up to half of it back from the federal government! Nice….
Cheers
MelMel
Thanks for the confirmation.Regards
PhilOops! this topic was posted twice, and I got confused! Mel, I thought your response had disappeared!
kay henry
So did I Kay. I kept refreshing to see what had happened, but then I guessed, and found the other one!!
Cheers
Mel
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