Hello all,
I am planning on purchasing an investment property in which I will rental out as a vacation home. The average rental period with be 2-3 days, because rentals will be mostly weekend rentals as this property is on a ski slope. This property is also a condominium.
Here are my questions:
1. Is this considered non-residential rental property?
2. Is the depreciation period of this property 39 years? Does anyone have any examples of this kind of property? The home will be purchased for 350k, so about how much depreciation will I get per year?
3. Is it true I can deduct all my mortgage interest, real estate taxes, insurance, condo fees, utilities(gas, electric, water, sewer)?
Thanks!
1. Is this considered non-residential rental property?Not sure what you mean. It’s residential because people can live there.
2. Is the depreciation period of this property 39 years? Does anyone have any examples of this kind of property? The home will be purchased for 350k, so about how much depreciation will I get per year?If you mean does the building depreciate at 2.5%, in all likelihood yes. I’m assuming it was built post September 87. There are way too many variables to have a stab at expected depreciation.
3. Is it true I can deduct all my mortgage interest, real estate taxes, insurance, condo fees, utilities(gas, electric, water, sewer)?It’s a straightforward investment property. So, yes. Unless I have misunderstood something?
Scott
Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.au
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