From: Greg Loucos
We are in the process of settling on a townhouse and before renting it out would like to do some repair work to make it more appealing to tenants.
My question is if the floor coverings are damaged and we replace them can they be claimed as a deduction or do they become part of the capital gains equation?
Also if we repair gouges in the walls and repaint is this deductible as well?
I know I should be talking to my accountant about this but we are currently looking for a new accountant more tuned to property investing and as this forum is the font of all knowledge I thought I would ask for help.
Thanks in advance
Greg
We are in the process of settling on a townhouse and before renting it out would like to do some repair work to make it more appealing to tenants.
My question is if the floor coverings are damaged and we replace them can they be claimed as a deduction or do they become part of the capital gains equation?
Also if we repair gouges in the walls and repaint is this deductible as well?
I know I should be talking to my accountant about this but we are currently looking for a new accountant more tuned to property investing and as this forum is the font of all knowledge I thought I would ask for help.
Thanks in advance
Greg
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