Tax Depreciation Report

[MelbInvester]

Hi All,

Can we create the Tax Depreciation Report from Building Inspection report?
Now they ask $600 for Depreciation Report? This house build in 1950 and not sure worth to do it????

MI

 

[HD_ACE]

Either pm depreciator and hell tell you from photos if its worth it. Or BMT will do one and if you wont make your money back from the report then its free.

Cheers

 

[MelbInvester]

Thanks, already checked with BMT and they are $700 ?

 

[HD_ACE]

Thanks, already checked with BMT and they are $700 ?

And?

Youll make that many times over the life of the schedule. The cost is also tax deductible.

I think depreciator is cheaper if hell service your area.
or try washington brown

Or your accountant can probably do something.

Cheers

 

[rockDr]

One of our properties was built in the 1960's and depreciation is worth around 3k per year.

Note this is also only this high because we put a new bathroom in.

It also should be noted that despite the age of the property all depreciable assets such as carpets, curtains etc are all reset for every new owner.

So even though $700 seems like a lot on the property, you will be able to get couple of k per year for first few years just based depreciation of bits and pieces in the house.

I was told our house has no depreciable value left in it, so it is not the building that is depreciated, it is the contents of the house.