Still wondering whether to move into run-down property or keep tenants there. Either way, I have to renovate. Can you answer a few questions for me?
1/ Do I get a depreciation schedule asap even if it's me who moves in? Do I then get another one done if / when I move out and tenants move in?
2/ If I do leave the tenants there, a lot of the renovations are more likely to be considered improvements rather than repairs. Am I right in thinking that improvements don't refund me as much as repairs?
3/ Is it better to get in and renovate the place to a good standard and then depreciate?
Or do as much as I can with tenant in place (fences, trees, garage, carport) and claiming it at tax-time?
I know there's no one right answer but I do like to consider every angle before I make a decision.
Thank you for your time.
1/ Do I get a depreciation schedule asap even if it's me who moves in? Do I then get another one done if / when I move out and tenants move in?
2/ If I do leave the tenants there, a lot of the renovations are more likely to be considered improvements rather than repairs. Am I right in thinking that improvements don't refund me as much as repairs?
3/ Is it better to get in and renovate the place to a good standard and then depreciate?
Or do as much as I can with tenant in place (fences, trees, garage, carport) and claiming it at tax-time?
I know there's no one right answer but I do like to consider every angle before I make a decision.
Thank you for your time.