PPOR to IP

[mustapha]

Hi,

We are looking at turning our PPOR into an IP and buying elsewhere. We have recently renovated the kitchen and are about to install new blinds as well as painting the rest of the house. Will we be able to claim depreciation on the renovation costs etc. or can you only claim on improvements that are made when the property is an IP? Thanks in advance.

 

[Jonril]

I am in a similar situation as yourself. I believe you can claim reno's through a depreciation schedule. Make sure you keep receipts.

Best to check with your accountant on what is required.

Also make sure to get a couple of market evaluations on the property at the point of switching from PPOR to IP for reference if/when Capital gains become an issue.

As already mentioned best to speak to a accountant or the ATO on what is required.