claiming deductions while living in investment property??

[sids]

wondering if any one can give me some advise, we have been living in our investment property which had been rented previously for 4 years, while we have been in here we have repainted and put new carpet in and tidy up some repairs that needing doing, we are moving out soon and It will be rented out again, are we able to claim any of these as a deduction while we were living in the residence? (we only lived in it for 8 months)
Thanks

 

[Propertunity]

No deductions while you were living in it - private expense. When you move out of it again the deductions on your repairs and capital expenses start again. As would the interest on any loan you used to carry out the works.

 

[bcoombs]

I think you would be best to check this issue with a qualified accountant. Are you claiming another residence as PPOR etc...

 

[jaycee]

Propertunity, I don't get the implications of your answer.

As one does not fill out a tax freturn, weekly, it's done at the end of the year.

So when doing his tax return, can theis person claim the 100% of the repairs and begin depreciating the new items installed or not ?

 

[bcoombs]

My guess is you could argue the house had to be vacant while renovations were being done?

 

[CruzAccountant]

Keep the receipts, and for those items that you can depreciate, you can apportion then across the period you have rented the property out.