Had 2 IP that need TLC on the same time.
I'm planning to do some reno and maintenance for these properties.
Questions when dealing with tax return (say for 14/15), whether I can put the cost on the work on the same LOC account.
Example:
Prop. A, cost 10k, on 1-Aug-14
Prop. B, cost 3k, on 20-Sep-14
During the tax time, do I have to split the interest expense for each prop? Or can I combine these 2 together (so I don't have to calculate each property, because at the end of the day they are the cost of investment)?
I'm planning to do some reno and maintenance for these properties.
Questions when dealing with tax return (say for 14/15), whether I can put the cost on the work on the same LOC account.
Example:
Prop. A, cost 10k, on 1-Aug-14
Prop. B, cost 3k, on 20-Sep-14
During the tax time, do I have to split the interest expense for each prop? Or can I combine these 2 together (so I don't have to calculate each property, because at the end of the day they are the cost of investment)?