depreciation schedules

[DaleGG]

Reply: 2.2.2.2.1.1
From: Dale Gatherum-Goss


Hi Bill

Yes, they can claim the remainder of the depreciation because the asset has now a NIL value after being scrapped.

Dale

 

[chrislaw]

Reply: 2.2.2.2.1.1.1
From: Chris L


Rixter,

I don't get your post to GlennM, I am a newbie though.
Why get a QS before renovating?
What do people say to the surveyor re no receipts?
And what do you do if you are renovating alot, (you can't say you lose the receipts every single time?)

Thanks in advance,
Chris

 

[WebBoard]

Reply: 2.2.2.2.1.1.1.1
From: Glenn M


Rixer,

Can you expand a little on what you meant by getting a QS Report before renovating? Are you suggesting telling the Quantity Surveyor about the renovations you are about to undertake and asking them to value on this basis? Wouldn't the visual or "WOW" effect of the property after renovating be more appealing with possibly higher estimated values?

GlennM.

 

[WebBoard]

Reply: 2.2.2.2.1.1.1.1.1
From: Dionysus888 .


If you get a QS report prior to a renovation, you will have a sum that you can then write-off after the renovation for items that you have scrapped.You then get a fresh QS report to give you new figures for depreciation of all the new items.

Dionysus888

You're not drunk if you can lie on the floor without holding on. ... Dean Martin

 

[Rixter]

Reply: 2.2.2.2.1.1.1.1.1.1
From: Rixter ®


Glenn M & Chris Lawrence,

Yes its exactly as Dionysus888 has described.

Happy Investing,
Rixter

 

[chrislaw]

Reply: 2.2.2.2.1.1.1.1.1.1.1
From: Chris L


Hi Rixter and Dionysus888,

Thanks Dionysus888, I understand now why the QS before but still would like to know the answer to the last 2 questions please.
What do people say to the surveyor re no receipts?
And what do you do if you are renovating alot of houses?
Also how long after doing the reno to getting in the QS?
If you need to go into more details can you email me, thanks.

Chris

 

[WebBoard]

Reply: 2.2.2.2.1.1.1.1.1.1.1.1
From: Dionysus888 .


Get a new QS report as soon as the reno is complete, no reason not to as the QS can see the reason for a new report. As to the receipts, " sorry unavailable at the moment" but if something is has been given a lower value in the report " I've found the receipts, can you please make an adjustment"



Dionysus888


You're not drunk if you can lie on the floor without holding on. ... Dean Martin

 

[chrislaw]

Reply: 2.2.2.2.1.1.1.1.1.1.1.1.1
From: Chris L


Dionysus888

Thanks for the info.

Chris