Hi,
I am wondering if there is a thread already about the following:
Question about depreciation etc on an investment property.
I gather I need to separate the chattels put in to the renovation like washing machines/lounge chairs/TV from the actual construction/building/reno costs (which were paid for with the bank loan)?? (the house is let as fully furnished).
So can I pay for the construction/renovations with the loan money from the Bank and claim the interest, but the chattels/furniture are to be paid for out of my pocket and then claimed as depreciation against my personal tax (house was bought in my name).
Have I got it right?
thx,
JB
I am wondering if there is a thread already about the following:
Question about depreciation etc on an investment property.
I gather I need to separate the chattels put in to the renovation like washing machines/lounge chairs/TV from the actual construction/building/reno costs (which were paid for with the bank loan)?? (the house is let as fully furnished).
So can I pay for the construction/renovations with the loan money from the Bank and claim the interest, but the chattels/furniture are to be paid for out of my pocket and then claimed as depreciation against my personal tax (house was bought in my name).
Have I got it right?
thx,
JB