What types of renovations/repairs/improvements would you undertake whilst a property is your PPOR and which would you wait until it is an IP in order to maximize tax deductions?
To phrase it slightly differently, which renovation/repair/improvement expenses would be depreciated over a number of years (and as such could be done whilst the property is a PPOR) versus expenses which can be deducted against income as a lump sum (and as such would be better done when the property is an IP).
Apologies if my terms and understanding is completely wrong as this is all a bit new to me
To phrase it slightly differently, which renovation/repair/improvement expenses would be depreciated over a number of years (and as such could be done whilst the property is a PPOR) versus expenses which can be deducted against income as a lump sum (and as such would be better done when the property is an IP).
Apologies if my terms and understanding is completely wrong as this is all a bit new to me