Hi all,
Just two quick questions relating to tax deductions
We purchased our IP in March 2014 and settled in June 2014, it has been tenanted since 28 June 2014.
In the last year, we've had to make a few repairs to the property, namely
All of these have been done in the time when the tenant has been in the property and paying rent.
A couple of weeks ago, the agent advised that the tenant was giving notice and is moving out at the end of their lease on 27 June 2015. As a result, we are going to move in and make this property our PPOR.
My questions!
1. Are all of the above items considered repairs? If not, which ones are not?
2. Will the fact that we are moving into the property (not until end of July, property will be vacant from end June to end of July) have an impact on what we can claim?
Thank you
vtt
Just two quick questions relating to tax deductions
We purchased our IP in March 2014 and settled in June 2014, it has been tenanted since 28 June 2014.
In the last year, we've had to make a few repairs to the property, namely
- Repair/replacement of broken/cracked glass in two different windows (fixed in the last month)
- Cleaning of guttering
- Removal of tree that had invasive root system and was damaging pipework
- Repaint of front facade (back area was fine, just front was peeling paint - got worse after recent bad weather)
- Replacement of a major section of rear fence that fell over after a heavy hail storm
All of these have been done in the time when the tenant has been in the property and paying rent.
A couple of weeks ago, the agent advised that the tenant was giving notice and is moving out at the end of their lease on 27 June 2015. As a result, we are going to move in and make this property our PPOR.
My questions!
1. Are all of the above items considered repairs? If not, which ones are not?
2. Will the fact that we are moving into the property (not until end of July, property will be vacant from end June to end of July) have an impact on what we can claim?
Thank you
vtt