I just purchased a two bedroom apartment in a relatively old unit block (35 years) and as part of the contract with the vendor, I have allowed him to stay on and rent the apartment back for a period of up to 12 months while he is looking to buy a house elsewhere.
Considering that I plan to move in around 12 months time or so, I’m wondering if it is worthwhile getting a depreciation report done for the property. Everything in the apartment is super dated from the carpet to the kitchen, bathroom etc. And whilst I know a depreciation report captures much more than that, I’m wondering if I will be better off just getting my accountant to depreciate the ‘simpler’ things, or pay the extra few hundred $$ for a quantity surveyor to capture everything.
Any thoughts?
Yes, I would.
Depreciation schedule for a pre-1988 place should be $330 which is tax deductible in itself, and surely the first year’s worth of depreciation would be into the 4 figures.
D.T. | DT Property Management
http://www.dtproperty.com.au
Email Me | Phone MeAdelaide Property Management - whole Adelaide metro
I agree with dt every small bit helps at tax time
You must be logged in to reply to this topic. If you don't have an account, you can register here.
