Hi
I purchased an old apartment a few years ago which (like all units in the block) had structural damage to the balconies. Before I bought it the body corp had already raised about $20,000 from each apartment owner to repair the balconies , & the price negotiations allowed for this. The repair work on the block was completed recently & the monies raised paid out in full.
My question is whether I can claim depreciation on the repairs ? Even though I didn’t pay the levies myself the purchase price allowed for the previous owners having paid them.
Anyone know ?
Thanks
I purchased an old apartment a few years ago which (like all units in the block) had structural damage to the balconies. Before I bought it the body corp had already raised about $20,000 from each apartment owner to repair the balconies , & the price negotiations allowed for this. The repair work on the block was completed recently & the monies raised paid out in full.
My question is whether I can claim depreciation on the repairs ? Even though I didn’t pay the levies myself the purchase price allowed for the previous owners having paid them.
Anyone know ?
Thanks