My first IP is about to settle (next week) can I buy white goods and furniture and do something tricky where they become tax (income) deductible??
I'm renting the IP out completely. So... can I have things that are tax deductible? how does it all work?
So far I have paid Stamp Duty (say $30k)? is this tax deductible? or only when I sell?
I also paid my solicitor $1k is this tax deductible?
Also anything I spend on the property I can tax (income deduct?)
White goods and furniture? like fridge and washing machine say $2k each for example.
Can some one please explain?
I'm renting the IP out completely. So... can I have things that are tax deductible? how does it all work?
So far I have paid Stamp Duty (say $30k)? is this tax deductible? or only when I sell?
I also paid my solicitor $1k is this tax deductible?
Also anything I spend on the property I can tax (income deduct?)
White goods and furniture? like fridge and washing machine say $2k each for example.
Can some one please explain?