- Deduct Investment Property Expenses
Do you have an investment property? There are plenty of forms and other documents you need to get together ahead of June 30, and you don’t want to miss out on any of them and risk paying some extra tax.
Bank statements, receipts, income summaries, depreciation schedules, valuation reports and an income summary report from property managers are just some of the documents you’ll need. Check with your tax agent, and make sure you don’t miss out on a single form. Also remember, there are other deductions you can claim if you’re renting out a property. Some of these include:
- Accounting fees
- Borrowing expenses
- Bad debts
- Agents’ fees
- Mortgage Insurance
And there are more…. You should also keep in mind that for buildings constructed after 1982, there is a 2.5% straight line deduction for work such as structural improvements.
Depreciation and Deduction can be forgotten, so check with your tax agent to determine which rental deductions apply to you – you may be eligible for some you’re currently unaware of.