Hi all
My very painful long stress filled depressing attempt at being a developer is nearing the end.
Encased sewer done
Existing dwelling renovation done
New garage done
New 4 bedroom house done
Now just some paperwork to finish the subdivision .
My question is should I be valuing the house( both original and new) for future tax liabilities?
I will organise a depreciation schedule but I'm more concerned about values and future capital gains.
Is the value just what it has cost me( house + subdivision cost)
What about the land value and the slight loss in value of the original house due to reduced land size.
What's the norm here
Cheers
My very painful long stress filled depressing attempt at being a developer is nearing the end.
Encased sewer done
Existing dwelling renovation done
New garage done
New 4 bedroom house done
Now just some paperwork to finish the subdivision .
My question is should I be valuing the house( both original and new) for future tax liabilities?
I will organise a depreciation schedule but I'm more concerned about values and future capital gains.
Is the value just what it has cost me( house + subdivision cost)
What about the land value and the slight loss in value of the original house due to reduced land size.
What's the norm here
Cheers