All Topics / General Property / Are permit costs deductable in same year?

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  • Profile photo of Misty1Misty1
    Member
    @misty1
    Join Date: 2004
    Post Count: 348
    June 20, 2004 - 7:11 am

    Does anyone know if costs associated with getting a dual occ or sub-div, including council permits, surveyors,draughting fees,etc, are they deductable in that same fin. year? Or a capital cost?
    The house on that land is currently an i.p., if that makes a difference.[confused2]

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    June 23, 2004 - 8:31 am

    Hi Misty

    I’m guessing, but it sounds to me like it would be a capital cost – that is, it’s not helping you to increase/keep income, but is adding value to the property etc.

    Cheers
    Mel

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