Browse Forums Renovation + Home Improvement 1 May 30, 2013 2:42 pm Hi there, we are looking at buying a house that needs quite a bit of renovation work to make it habitable again. Therefore, we plan to continue living in rental accommodation until we fixed up the new home so it's fit for habitation again. Does anyone know if in such a case the renovations are tax deductible? Thanks in advance Peter Re: Renting while renovating your new house 2May 30, 2013 2:59 pm Peter Pan Hi there, we are looking at buying a house that needs quite a bit of renovation work to make it habitable again. Therefore, we plan to continue living in rental accommodation until we fixed up the new home so it's fit for habitation again. Does anyone know if in such a case the renovations are tax deductible? Thanks in advance Peter Is the house you are looking at buying going to be a rental or are you buying it to live in? Re: Renting while renovating your new house 3May 30, 2013 4:24 pm I would be more worried if your empty reno is covered by insurance should some low-life get in and vandalise or help themselves. Or worse still, get squatters in that you cant get out. Arfur Re: Renting while renovating your new house 4May 30, 2013 4:44 pm If you are renovating it to move into it is not tax deductable. You can only offset tax against income it produces so if you are not renting it there is no income to offset. Good advice about the insurance BTW. Do that first. Insurance companies are reluctant to insure facant properties. Especially if empty over 60 days (in my experience anyway). Re: Renting while renovating your new house 5May 31, 2013 11:48 am Sorry, no you can't claim it. That would be cool though My renovation blog: http://landhousereno.blogspot.com.au/ Or like me on facebook: The little yellow house About to extend our Edwardian House in West Footscray, Melbourne D & N and 3 kids. We've had the offer of a short term tenant whilst waiting for CDC/DA home approval and demolition for our knock down rebuild. It would achieve a pretty low rent as it's… 0 13752 What you are looking at is fibrous plaster, true gypsum, it is cast on horizontal beds with fibers included to give strength. I has no Asbestos in it. Houses before 1985… 2 7136 Hello everyone Please advice me how can I install mesh security window or we cab say mesh flyscreen inside while the pvc plantation shutters are already installed? Is… 0 11606 |