Hi.... Sorry to bother you all with probably a common question...
I am looking at purchasing a house which has potential to be a 3 unit site. The house is in urgent need to be restumped.
Now from searching the forum I believe that the cost of restumping is not tax deductible if it is considered an improvement.
However I do think I once read that if something is replaced like for like, eg a rotten timber stump being replaced with a new timber stump than that is considered a repair.
As I'd only want to keep the current house for a couple years before demolishing, I am curious to know if I could indeed do timber stump repairs as opposed to concrete stumps, and claim the repairs in the first year.
I welcome your thoughts.... Is this feasible or not?
I am looking at purchasing a house which has potential to be a 3 unit site. The house is in urgent need to be restumped.
Now from searching the forum I believe that the cost of restumping is not tax deductible if it is considered an improvement.
However I do think I once read that if something is replaced like for like, eg a rotten timber stump being replaced with a new timber stump than that is considered a repair.
As I'd only want to keep the current house for a couple years before demolishing, I am curious to know if I could indeed do timber stump repairs as opposed to concrete stumps, and claim the repairs in the first year.
I welcome your thoughts.... Is this feasible or not?