The October 31st Tax Deadline is fast-approaching. Find out how much in deductions you could be eligible to claim…for free!
Myth: There is no benefit in proceeding with a depreciation report if an investor purchases a second-hand or ‘older’ property after the recent changes to the depreciation laws.
Reality: These owners could be missing out on THOUSANDS of dollars in tax deductions…and it is worth checking.
If the property was built after 1987, the new owner is still entitled to claim a yearly deduction against the original structure of the premises. For a property built 20 years ago, there would still be 20 years’ worth of deductions available!
Often, there are still considerable deductions available even if the investment property was built before 1987 because the property may have been renovated and you will still be able to claim the previous renovation costs.
As a Your Investment Property reader, Washington Brown will conduct a FREE assessment of your property to identify if there are depreciation deductions available to you.
Request your FREE Estimated Depreciation Assessment by emailing your Property Address, Purchase Price and Settlement Date to email@example.com.
Be sure to use the word YIPESTIMATE in the subject line.
Tyron Hyde is the CEO of Washington Brown and is considered one of Australia’s leading experts in property tax depreciation. He is also a registered tax agent. Washington Brown manages construction costs worth over $2 billion and completes 10,000 schedules annually. For a depreciation schedule quote CLICK HERE and follow the 3 simple steps or estimate your depreciation cost.
The Washington Brown Free Depreciation Calculator will give you an estimate of the depreciation deductions you could claim on your investment property
Read more Expert Advice articles by Tyron
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.