I've had to make two costly repairs to my rental property and am not sure if they're instant (year work carried out) deductions or need to be depreciated.
- First repair was to fix cracks that developed in a few internal concrete walls. Possibly from building creep, but we also had water ingress issues that could have affected this too.
- Second repair was to the units flooring that was damaged from building water leak. The replacement flooring is the same type (laminate) as what was damaged, and entire floor had to be replaced as damage was throughout unit.
I'm aware that depreciation might be used for things like flooring/walls if for an improvement, but as these works were done as a repair, I'm wondering if they'd be considered an instant tax deduction rather than depreciation?
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287 views
2 replies