Should I get a QS to check out some depreciation for my IP? Is it worth the effort and cost to hire a QS?
The house is a brick house, about 35 years old. WHat else can be depreciated? I dont think the stuff in there are that new to dep.
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Hi fullout,
I must say I haven’t for similar ones of ours.[
]Probably should have with two that we did small reno’s on though.
Haven’t helped much, have I?
Regards,
Del
Hey fullout
You might be surprised how much a QS can come up with even on an old place. For a start, you’ve got carpets, curtains, hot water etc.
Might be an idea to give a good one a call, and just ask them if they think it is worthwhile. If they’re good, they won’t say yes just to get your business cos they’re busy already.
Cheers
MelDel, same advice for you. I believe you can backdate for up to about 4 years if you have done it in that timeframe.
Cheers
MelI have a 60’s property. My QS told me that if they don’t get me a refund worth at least double their fee in the first year they will refund the fee – and let me keep and use the report.
How could it not be worth it?
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Simon
I was hoping that the QSs would suggest something like that, but I have not had any ‘old’ properties purchased for a while.
We certainly do make a good team.[
]Cheers
MelSome more info.
I told him I was intending ripping out and replacing the kitchen.
He said he will do the report beforehand so I could write off the residual value of that kitchen then he would pop back afterwards and update the report with the new kitchen so I could depreciate that.
He aseemed to be very keen to do his best by me.
Beware those firms who try to estimate it all based on a form you fill in!
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
say i call a QS now to tell him about my country property. WIll he just do an estimate of how much i can depreciate? or shold i get him into the house?
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Hi guys, i understand what a QS does, but what does it actually stand for?
Could you please reply
Regards
[
]Fudge111[]Anyone have the name of a good QS or Dep. Specialist in Brisbane that will do as mentioned above?
QS = Quantity Surveyor
Shane
Anyone know a good QS in the Victorian Latrobe area near Morwell/Churchill/Traralgon to recommend?
Also whats the fee like?
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Hi Fullout,
In my opinion it is great to get QS’s to create a depreciation schedule. Obviously on very old properties the value is diluted, but it all depends on the ability of your QS.
Remeber that Depreciation schedules can be in two forms, you have to choose one for tax purposes, depending on your investment strategy:
1) Diminishing Value
2) Prime Costmy two cents…
Steve
fullout, I would get them out to the house. You might be surprised what they can pick up that you wouldn’t notice yourself. I think they need to show that they’ve been there also – my guy takes photos.
Cheers
MelAnyone know a good QS in Perth? I always prefer to go by recommendation.
Cheers,
David [
]Thanks Shane,
Just another little abbreviation that i now know, there are a few to learn!
regards
fudge111[8D]
fullout,
I have been told by and agent, that has worked in that area for 25 years, that there are no QS out there. You need to get one from Melbourne.
Slum Lord
]
]
]Fudge111[
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