All Topics / The Treasure Chest / Is Buyer Agent fee tax deductible ?

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  • Profile photo of 111111111111
    Participant
    @111111
    Join Date: 2003
    Post Count: 29
    May 1, 2003 - 5:13 am

    Hi

    Does anyone know if the buy agent fee is taxdeductible.
    If do, how do you do the tax deduction ? (spread over 5 years ?) ?

    Plese help ?

    111111

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 1, 2003 - 5:36 am

    Hi 11111

    This won’t help much, I thought it would be, but heard from an accountant that it is a capital expense and only claimable on selling the property.

    But then when I did my tax return, my accountant claimed it all in that year.Which was good as I got a lot back!

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of truebluetrueblue
    Member
    @trueblue
    Join Date: 2003
    Post Count: 142
    May 1, 2003 - 8:40 am

    I tend to agree with Terry that it is of a capital nature and should be added to the costs of the house. To me, it appears to be the reverse of a selling agents fees, which is capital expense. Hope this makes sense.

    Profile photo of 111111111111
    Participant
    @111111
    Join Date: 2003
    Post Count: 29
    May 1, 2003 - 11:25 pm

    THanks guys

    That is great hekp.

    111111

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