All Topics / Value Adding / Are Reno costs tax deductible and depreciable???

Viewing 2 posts - 1 through 2 (of 2 total)
  • Profile photo of TheShoulderGuyTheShoulderGuy
    Participant
    @theshoulderguy
    Join Date: 2007
    Post Count: 44
    February 3, 2008 - 10:49 am

    If you purchase a property for renovation and the rent it out are the costs of the renovation tax deductible and depreciable??

    Is it best to do those items that are more structural/capital by nature and leave the smaller repairs once the place is rented??

    Is it best to hire the services of a QS once renos are completed for depreciation if allowable or will receipts do as a record of the value etc

    Thanks very much

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    February 3, 2008 - 9:43 pm

    Any work undertaken before you are getting income (rent) will be capitalised as you have bought the property in a dilapidated state.

    Receipts will form the basis of the claim (for depreciation or expenditure) however a QS can determine which is which.

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.