Investment Property Deduction List

One of the best things about an investment property is the amount of deductions you can claim to make your investment more profitable. These deductions spring from the expenses you must pay and the depreciation on certain items including the building itself. These are highly specialised and the services of a professional are needed to ensure all entitlements are claimed. In the case of an old building, depreciation on the structure may not be available, but other things such as fittings and fixtures can still be claimed.

There are many other costs to owning a rental property; depending on whether you have a house on land, a flat or a high-rise, some may not apply. Body Corporate fees will apply if you have bought into a block of flats or apartment building. Rates, insurance, water rates and land tax are other costs you are sure to incur. Maintenance, property management fees, cleaning costs and even travelling expenses can certainly be claimed.

The expenses you incur in simply getting the mortgage to pay for the property can be claimed. These are costs such as stamp duty, interest and legal fees. If you need to have pest control done, then that is allowed as a deduction too, as are the costs of postage, telephone calls and even stationary. Every little bit helps, so make sure you claim it all.

Article Source: http://www.propertymagnate.com/articles

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