I am about move into a house which i have recently purchased, my aim is live in it for 6mths to get the first home owners grant then rent it out, during the 6mths i am going to renovate the house.
I am about to get the house re-stumped, how will the tax deductions work on restumping, is it a depreciating deduction?
Cheers
You are moving into the house and claiming it as your PPOR during this time. So you may not be able to claim it at all.
The restumping is a repair, But you may be improving it to a state better than it was originally when you purchased it. So I would guess that it would be classed as part of the building, and so would be claimable at 2.5% over 40 years.
But I am not an accountant and this is only guesswork.
Terryw
Discover Home Loans
Parramatta
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