At what point can expenses start being claimed against IP?

[Kevmeister]

Alert: possible dumb question.

When one purchases an IP, there may be a delay of some finite time before the building is tenanted.

Given that until this occurs there is no "income" being made from the IP, can one still start immediately claiming expenses against the IP regardless, in terms of one's tax return?

Or can you only start claiming expenses once a tenant is in place?

Thanks

Kevin.

 

[Sim]

Nope... so long as the property is "available for rent", then you are able to claim expenses.

So, while you are living in it but about to move out - they are not claimable until you have actually moved out (since it's not available until you do move) !