My sister and I own a 2 bedroom apartment. She is still living there, but I moved out and rented out my half.
This is the first financial year I am earning rental income from it. I am unsure what information is required to claim depreciation on my tax return. Do I need to get an evaluation done on the property or can an accountant work out the depreciation without an evaluation?
Also, can I claim 100% of the depreciation or only 50% because I own half the property?
Can claim 50% only- but firstly Let’s make sure the ATO will consider this half as a IP- is it Private rent (cash?) or do you have a private tenancy agreement in place?
if it’s private rental then you will find it hard to convince ATO without any legal paper work that this half is an IP.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
ph0enix wrote:Do I need to get an evaluation done on the property or can an accountant work out the depreciation without an evaluation?To claim depreciation, you get a "depreciation schedule" written up by a qualified quantity surveyor. However, you need to look into the advice provided by Michael above first.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks for the advice guys
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