All Topics / Hotch Potch / Deductions – property purchase not proceeded with

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  • Profile photo of dragon4dragon4
    Member
    @dragon4
    Join Date: 2003
    Post Count: 15
    December 27, 2003 - 10:22 am

    Hi everyone….trust you all had a wonderful X-Mas.

    Recently I signed a contract on a property and incurred costs, such as council search fees, building inspections etc.

    Unfortunately we didn’t proceed with the purchase due to a number of reasons.

    Does anyone know whether I can still claim these expenses as deductions even though the purchase did not eventuate?

    We subsequently purchased 2 other properties instead.

    Thanks….Ron

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763
    December 27, 2003 - 12:47 pm

    Hi,

    Seek professional advice at tax time, but I’d be confident you could mount a reasonable argument saying that the costs were incurred in obtaining assessable income, especially since you have gone on to buy elsewhere.

    Cheers,

    Steve McKnight

    **********
    Remember that success comes from doing things differently.
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    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of dragon4dragon4
    Member
    @dragon4
    Join Date: 2003
    Post Count: 15
    December 28, 2003 - 12:56 am

    Thanks Steve….that was my thoughts/logic as well, but I guess time will tell.

    Ron

    Profile photo of redwingredwing
    Participant
    @redwing
    Join Date: 2003
    Post Count: 2,733
    December 28, 2003 - 7:11 am

    I would’ve said ‘no’..

    But, hey, Steve’s an accountant [;)]

    I’d be interested to know.. keep us posted!!

    REDWING

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