Conversations with a Pug – Can I claim depreciation on an older property?
Some people love the idea of investing in a new property because they know they’ll receive a 2.5% building write-off allowance they can claim come tax time.
What isn’t well known is that owners of older buildings can still claim the residual value of their property for up to forty years from the date of construction which gives you plenty of deductions to make the purchase worthwhile.
Even if your property is more than 40 years old, you can claim depreciation on its fixtures and fittings, as well as any recent renovations, even if they were carried out by a previous owner.
A good rule of thumb is to get professional advice on a property’s depreciation potential before you buy.
If you’re researching the best investment loans for your potential investment, I can help make the process easier for you.
Reach out and let’s talk.
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