Hello all,
A quick tax question. I am converting our current PPOR to an IP in two weeks and I have had a valuation completed so a new cost base is set for CG purposes should I sell this property some time down the track.
I have an LOC which I use to pay for all other IP costs on two other IPs.
My question is, can I claim the cost of the valuation as a deduction?
If so I can pay it out of the LOC or other wise it will have to come out of my own pocket so to speak.
Could I justify the valuation as a deduction if it was to assess the value of the property to assist in identifying a weekly rent figure??
Any ideas would be appreciated.
Mark
A quick tax question. I am converting our current PPOR to an IP in two weeks and I have had a valuation completed so a new cost base is set for CG purposes should I sell this property some time down the track.
I have an LOC which I use to pay for all other IP costs on two other IPs.
My question is, can I claim the cost of the valuation as a deduction?
If so I can pay it out of the LOC or other wise it will have to come out of my own pocket so to speak.
Could I justify the valuation as a deduction if it was to assess the value of the property to assist in identifying a weekly rent figure??
Any ideas would be appreciated.
Mark