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From: T W
In the April/May 2001 edition of API Magazine there is an article on Peter Spann. On pages 46-48, Spann talks about the benefits of using a quantity surveyor.
In summary the article states he had a qs look at one of his properties and the qs asked him to find out how many apartments in the building were owner occupied. He then leased the parking spaces from these people they could not claim the depreciation on these being owner occupiers. If he lease the car spaces he (Spann) would be able to claim the whole depreciation allowance on the car park against his property. He did this and lease the whole car park from all other tenants for $10/yr for 20yrs and was able to claim $15,000 a yr in depreciation.
Does this sound correct? How can you claim depreciation if you are just leasing??
Regards
Terryw
In the April/May 2001 edition of API Magazine there is an article on Peter Spann. On pages 46-48, Spann talks about the benefits of using a quantity surveyor.
In summary the article states he had a qs look at one of his properties and the qs asked him to find out how many apartments in the building were owner occupied. He then leased the parking spaces from these people they could not claim the depreciation on these being owner occupiers. If he lease the car spaces he (Spann) would be able to claim the whole depreciation allowance on the car park against his property. He did this and lease the whole car park from all other tenants for $10/yr for 20yrs and was able to claim $15,000 a yr in depreciation.
Does this sound correct? How can you claim depreciation if you are just leasing??
Regards
Terryw
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