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From: Littlemaze
Hi fellow forumites,
Went to see a "guru" last night. He made a comment that got me thinking.
He was saying that when you buy property on leasehold land, the purchase price constitutes the basis for depreciation on your building as buildings depreciate and land does not. As you have not bought any land, the purchase price is what you paid for the building only.
I own properties in the ACT which is leasehold land. To date, I have only claimed building costs (as determined by a QS)as depreciation. Is there any scope to increase my depreciation claims based on purchase price????
Any thoughts?
Hi fellow forumites,
Went to see a "guru" last night. He made a comment that got me thinking.
He was saying that when you buy property on leasehold land, the purchase price constitutes the basis for depreciation on your building as buildings depreciate and land does not. As you have not bought any land, the purchase price is what you paid for the building only.
I own properties in the ACT which is leasehold land. To date, I have only claimed building costs (as determined by a QS)as depreciation. Is there any scope to increase my depreciation claims based on purchase price????
Any thoughts?
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