Tax deduction for reno

[luckything]

Hi All,

I'm planning to do a kitchen renovation for my IP. It's going to cost roughly $8000.
I'm planning to borrow this amount from my LOC (split account).

Is the interest from this LOC, can be considered as tax deduction (say for another 8-10 years)?

Also, I can also depreciate this new kitchen into my re-depreciation schedule?

Thanks.

 

[Terry_w]

Yes and yes.

 

[Paul@PFI]

I would have the depreciation schedule updated by the same firm. Cheaper...They will ad the new kitchen + appliances etc and also identify the available write-off for the former kitchen.