I was reading a book on rental properties and taxation which says that you can't claim conveyancing costs on the purchase of a property as a tax deduction. The statement from my solicitor listed 'conveyancing costs' and 'search fees' separately. Can I claim the cost of the 'search fees' on my tax or are neither the conveyancing fees and search fees tax deductable?
Claiming solicitors fees on purchase
- Thread starter Berele
- Start date
No you can't. All that stuff gets added to the cost base.
As propertunity said they are a capital expense and added to the cost base. Refer http://www.ato.gov.au/individuals/content.asp?doc=/content/00113243.htm
