Have I now missed the boat, is there anyway around this??
I was renting a property for 12 months, I then demolished the house no depreciation schedule on this property as I was planning to build/sell all of the 3 villas.
Current scenario has changed, I would like to sell 2 villas and hold 1.
The issue is that you didn't have a depreciation schedule in the first place. Scrapping is the second part of a two-step process: to get the scrapping deduction you need to have a value to scrap. We cannot value the assets in the original house now that it is rubble, I'm afraid.