Hello. I am wondering if “topping up” a gravel driveway on an i.p. would be considered a “repair”, & therefore fully deductable in that year??? Any thoughts??[confused2]
I would think so. I am also claiming this on one of my ip’s.(i Hope i can) To be on the safe side, ask the person doing the work to say “Repair driveway” on receipt.
Since your just re-topping it, you would probably claim it as arepair.
Rgds.
Lucifer_auYes Misty1,
Repairing the existing driveway is fully deductible in the year the expense is incurred.
If however, you were to up grade the driveway (eg seal it when it was originally gravel)then this would considered an improvement and is capital expenditure.
Cheers
JeffHi Misty,
As already stated, repairing the driveway is a tax deductible expense, and if you wanted to justify the repairs (not that should have to) you could argue that it was necessary for public safety (tenants and visitors alike). As such it may be worth mentioning the need for the repair to your insurance company.
Cheers,
Jo
Hi Misty,
I would agree with the above as ironically I’m actually considering doing the same with one of my IP’s. The only problem is that it’s built on a medium strip! When you back out, you’ve got to be going 100km’s an hour!
Cheers,
Gatsby!It’s not a bad idea to take a photo of repairs before you do them just in case they’re ever questioned. My property managers send me digital photos before they commission repair work.
ScottThat’s not a bad idea taking photos of the repair work depreciator. Never occured to me.
Ian
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