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From: David Lutan
Hi Team - a hypothetical,
Suppose I was going to buy an investment property and was at the stage of obtaining an independent valuation and building inspection. Let us say that the building inspection fails (that is I am unhappy with some aspect which I cannot reach satisfactory resolution with the seller!) and as a result I decide not to proceed with the purchase. I have incurred costs from the inspection and valuation and perhaps other related costs in setting this property for an investment, but of course I did not proceed with the purchase. Are these costs legitimate ATO deductions at this point? If, at a later stage, I was to purchase an alternative property, are all my costs in setting up "the investment" deductible - that the costs incurred against the property not proceeded with and the costs against the property purchased?
Best Regards
Dave L
Hi Team - a hypothetical,
Suppose I was going to buy an investment property and was at the stage of obtaining an independent valuation and building inspection. Let us say that the building inspection fails (that is I am unhappy with some aspect which I cannot reach satisfactory resolution with the seller!) and as a result I decide not to proceed with the purchase. I have incurred costs from the inspection and valuation and perhaps other related costs in setting this property for an investment, but of course I did not proceed with the purchase. Are these costs legitimate ATO deductions at this point? If, at a later stage, I was to purchase an alternative property, are all my costs in setting up "the investment" deductible - that the costs incurred against the property not proceeded with and the costs against the property purchased?
Best Regards
Dave L
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