Rental Property-Water Damage-Legal Costs & Repair Costs (depreciation or immediate deduction)

Question

AshleyATO · Accepted Answer

You are able to claim an immediate deduction for some expenses (https://www.ato.gov.au/individuals-and-families/investments-and-assets/residential-rental-properties/rental-expenses-to-claim/rental-expenses-you-can-claim-now#Interestexpenses) that you incur in the income year provided your property is rented and genuinely available for rent. Given the complications with your rental property, we recommend contacting our Tailored technical assistance (https://www.ato.gov.au/about-ato/ato-advice-and-guidance/tailored-technical-assistance) area for further guidance on this. They'll be able to provide you with a detailed written response.

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