Depreciation Schedule - Pre 1985 IP. Is it worth it????
- Thread starter BigDaz
- Start date
Dig Daz
The simple answer is yes, your best to speak/PM to Depreciator who is a regular on here and he will give you a list of all things you can claim. For as little as $200-$300 you can get one done by simply taking 30 photos and emailing them, several companies do this. You will be surprised how uch you will get back, not just at next tax time but for several years.
Jezza
The simple answer is yes, your best to speak/PM to Depreciator who is a regular on here and he will give you a list of all things you can claim. For as little as $200-$300 you can get one done by simply taking 30 photos and emailing them, several companies do this. You will be surprised how uch you will get back, not just at next tax time but for several years.
Jezza
People send me internal photos of properties all the time. I get one of our QSs to look at them and work out roughly how much depreciation might be there. Then we work out how to tackle it.
Most companies copied our guarantee and say they will find more depreciation than their fee in the first year, but paying $500 to only access $1,000 in depreciation still doesn't stack up in my opinion.
Just send me what you've got. Tell me when you bought the place, too.
Scott
Most companies copied our guarantee and say they will find more depreciation than their fee in the first year, but paying $500 to only access $1,000 in depreciation still doesn't stack up in my opinion.
Just send me what you've got. Tell me when you bought the place, too.
Scott
Mortza
Don't forget for those sorts of fees $200-$300 you do NOT get a QS to inspect your property. They do it based on YOUR inspection of the property and what YOU tell them about it.
So the higher fee you had in mind is the norm for an inspection.
Sure some will give you a report on a property which may not have a lot to claim on without a visit, but the way to get it done properly (and the way suggested by the AIQS) is to have a qualified QS inspect the property.
Regards
Don't forget for those sorts of fees $200-$300 you do NOT get a QS to inspect your property. They do it based on YOUR inspection of the property and what YOU tell them about it.
So the higher fee you had in mind is the norm for an inspection.
Sure some will give you a report on a property which may not have a lot to claim on without a visit, but the way to get it done properly (and the way suggested by the AIQS) is to have a qualified QS inspect the property.
Regards
I wanted to resurrect this thread. We are in the process of purchasing our first IP with the year of construction being 1980.
It had a kitchen and bathroom renovation on it about 4 years ago. Would it be worth paying for a depreciation scheduale? Anyone has done it?
As I understand its about $500 dollars to get one done if you want a guy to go in there.
It had a kitchen and bathroom renovation on it about 4 years ago. Would it be worth paying for a depreciation scheduale? Anyone has done it?
As I understand its about $500 dollars to get one done if you want a guy to go in there.
Depends.
You're in the process of buying the place so you will have lots of photos. Email them to me and I'll get someone to look at them and give you a ballpark figure.
Scott
Most definitely with the recent renos.
Quick question.
If you have two different Depreciation Schedules prepared by two different companies; will they be substantially different?
My observation is a lot of the 'older' items that have some depreciation left would be treated differently by different QS.
So my theory is - find the company who is most generous with values and pay them overs to get overs back!
If you have two different Depreciation Schedules prepared by two different companies; will they be substantially different?
My observation is a lot of the 'older' items that have some depreciation left would be treated differently by different QS.
So my theory is - find the company who is most generous with values and pay them overs to get overs back!
If you get two different reports from Quantity Surveying companies that know what they are doing with depreciation schedules, they should be fairly similar but they will obviously be different. The QS will estimate the cost to construct your property, and just like with builders quoting to build it, they will vary a little (but they should be similar).
If you go with a reputable QS you should be fine. If they have depreciated things like kitchen cupboards and flyscreens in the schedules, then you should start worrying.
If you go with a reputable QS you should be fine. If they have depreciated things like kitchen cupboards and flyscreens in the schedules, then you should start worrying.
Thanks guys. I don't have any good photos currently. But i will soon. Thank you for all your help.
