hi guys,
I've read a few threads but my situation is slightly different.
There's an existing garage and shed that we're planning to turn into a two bed 1 bathroom granny flat. We're living in the main house now. Since, we're using the existing structure, roof, etc. we're getting my brother to help build it and us helping out. Brother is not a licensed builder yet.
My question is when we pay him $10k for his services, how would he invoice us and would that be part of capital cost / tax deduction?
We'll buy materials ourselves. Will these form part of capital cost or will be able to get tax deduction?
Thanks,
Junie
I've read a few threads but my situation is slightly different.
There's an existing garage and shed that we're planning to turn into a two bed 1 bathroom granny flat. We're living in the main house now. Since, we're using the existing structure, roof, etc. we're getting my brother to help build it and us helping out. Brother is not a licensed builder yet.
My question is when we pay him $10k for his services, how would he invoice us and would that be part of capital cost / tax deduction?
We'll buy materials ourselves. Will these form part of capital cost or will be able to get tax deduction?
Thanks,
Junie