All Topics / Help Needed! / tax deduction for failed settlement property

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  • Profile photo of asouasou
    Participant
    @asou
    Join Date: 2015
    Post Count: 23
    October 14, 2018 - 7:43 am

    Hi,

    I have a taxation question. There was an investment property I planned to purchase at the end of last year. However, the settlement failed due to the bank valuation was too low. Can I claim the legal and travel costs occurred in this situation?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 15, 2018 - 4:15 pm

    Generally, travel costs are not deductible for property
    any legal costs could be a capital cost but as there is no capital gains tax event I don’t see how you could claim these either.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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