All Topics / Legal & Accounting / Just a bought renovated IP, should I ask ex owner for depreciation schedule?

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  • Profile photo of BellaBella
    Join Date: 2016
    Post Count: 5


    I just purchased a IP. The house was built in 1950s. The previous owner’s family had it for 60 years. This house was renovated about 2 years ago and after renovated, the previous owner rented it out. So It was an investment property after renovation. New kitchen and new bathroom were installed, new carpet, new timber floors, new fence, new hot water system, etc.

    i guess the previous owner would have a depreciation schedule since it was an IP and the renovation was done.

    Should I ask the previous owner for their depreciation schedule if they are willing to provide?

    Or should I pay $600-$700 to get a new depreciation schedule? Does it worthwhile to get my report done if I don’t do any renovation or add any new items after I buy the house?

    What do you think?

    • This topic was modified 3 years, 12 months ago by Profile photo of Bella Bella.
    Profile photo of TerrywTerryw
    Join Date: 2001
    Post Count: 16,213

    You can ask, but it may still be worth getting your own as the life of certain assets starts again on purchase

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide)

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