Pizza and Property Ep 125 Can I really claim this on Tax? Renovation Deductions - With Tim & Dan AKA 2 drunk accountants
Understanding what you can and can't claim on a renovation project is a vital skill set for a property investor! Even if you're never picking up a tool in your life you need to know what can and can't be claimed so you can better understand your budget and more importantly your projects profit.
All too often we meet amazingly enthusiastic renovators that think they can claim all of their costs on tax, or the other end of the scale when someone lets go of a deal because they were not aware of how to pay 50% less tax on a project. Either way the more you know and put into action the more money you stand to make in this space.
Bringing clarity to the blurry picture we call the tax deductions are arguably 2 of the the funniest accountants out there Tim Garth & Dan Osborne - hosts of the '2 Drunk Accountants' podcast.
This episode they're going to walk us through:
- What actually is your "cost base" and what's it made up of?
- If you're going to sell vs keep the property after renovation what tax differences are you looking at?
- When is a depreciation schedule not worth the expense?
Chat in more detail with Tim and Dan:
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