- mddedfParticipant@mddedfJoin Date: 2015Post Count: 43
We are in the process of purchasing our first investment property, and we are wondering if the invoice of building inspection & buyer agent fee should be fine for tax return. Or do we have to ask for the receipt?
Thanks in advance!TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213Jacqui MiddletonParticipant@jacmJoin Date: 2009Post Count: 2,539
As Terry has mentioned, not immediately tax deductible. If you ever sell the property these costs are factored in when determining the capital gain and thus the capital gains tax payable. Stamp duty and legal fees are also in this category.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
However any costs incurred as a result of the financing of the property such as LMI, Bank application fees etc or legal fees charged for proving advice in relation to the mortgage documents are deductible.
Be surprised how many buyers do not claim these costs. Course they have to be claimed over the correct term.
Yours in Finance
0-40 properties in a decade. Ask me how.