Hi guys, love the forum and looking for some advice.
I am settling on a property in 2 weeks, and it needs some extensive renovations done to it. I was wondering if any of it is tax deductible, or depreciable, or neither? And If I should wait before doing any of these works until it is converted to an IP? I have been told to speak with an accountant but I'd rather get the info from you guys for free! Lol.
These are the following works I have planned:
- Tree lopping, gardening, landscaping etc.
- Pulling down an old falling apart patio
- Sand and polish existing floorboards
- Bedroom carpeting
- New doors, windows and security screens throughout.
- Interior & Exterior painting.
- New Kitchen
- New Bathroom
I've read that some of these things might be classed as repairs, and some as improvements. And I still dont really understand how it all works.
Any advice would be much appreciated, as I may hold off doing some of this work unless you guys suggest otherwise.
Thanks!
I am settling on a property in 2 weeks, and it needs some extensive renovations done to it. I was wondering if any of it is tax deductible, or depreciable, or neither? And If I should wait before doing any of these works until it is converted to an IP? I have been told to speak with an accountant but I'd rather get the info from you guys for free! Lol.
These are the following works I have planned:
- Tree lopping, gardening, landscaping etc.
- Pulling down an old falling apart patio
- Sand and polish existing floorboards
- Bedroom carpeting
- New doors, windows and security screens throughout.
- Interior & Exterior painting.
- New Kitchen
- New Bathroom
I've read that some of these things might be classed as repairs, and some as improvements. And I still dont really understand how it all works.
Any advice would be much appreciated, as I may hold off doing some of this work unless you guys suggest otherwise.
Thanks!