Hi folks,
I’ve just purchased a property in San Antonio and was wondering if it’s possible to claim depreciation of the building, fixtures and fittings similar to the system in Australia.
Can anyone tell me if this can be done and recommend a company to carry out the depreciation report? Any info would be much appreciated.
Tim
Hi Tim,
Unfortunately I can’t help out as I don’t own property in the US. Several members on the forum do and I’m sure they can help you out. However, it probably would have been a good idea to ask these types of questions before buying in the US (or anywhere for that matter). It amazes me how many people jump in without doing research (not saying this is you). I just want to stress the importance of doing your homework before buying.
Regards,
OziHi Ozi,
Thanks for the comments, I have spoken to a couple of fellow investors who’ve bought in the same area but I still haven’t been able to get a clear answer on depreciation. I made the purchase because the initial cash returns are excellent and so depreciation will really just be a bonus.
Tim
Hey Tim,
hope yr well!
Michael Plaks is a guru in US real estate tax law.
send him an email mate and mention my name,he’ll laugh.,he loves aussies just cant understand the accent
(personally i reckon its the yanks with the accent but anyway!)here is his email if u couldnt find it.
[email protected]We’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hey Luke
that guys got a great website. I’ll spend some time looking over the next few days.
regards westan
USA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.auHi there Tim.
I believe you are entitled to depreciation on the property. If it is residential property, it would be over a 27.5 year period.So the newer the property, the more you can depreciate.
I think you should be contacting a qualified CPA however to get all the information you need.I am going through the process on a brand new property that I built in South Texas so I am just sharing with you my own experience, not giving you advice as I am not qualified to do so.
Some accountants actually keep their clients depreciation records on there tax software as part of there overall service. Mine certainly does. When looking for a CPA, find out what they offer as part of there services.
Good luck
Chad
Providing Turnkey Real Estate Investments In The USA.
E-mail:[email protected]
web: http://www.gr8realestateinvestments.comMany thanks to you all, I’ve been in touch with Michael Plaks and he’ll be assisiting me with the depreciation and also annual tax returns.
Your comments and info are greatly appreciated.
Tim
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