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Re: Interest and repairs incurred just before an investment property is sold.

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A tenant moves out of an investment property on 30 June 2019 and the property is sold 31 July 2019. Can I add to the cost base the interest and repairs incurred in July. There was no rental income in the 2020 tax year.

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Devotee

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@ATO1231 

For CGT purpose yes, only for the period from the date property was vacated till the date it was sold. You also need to make sure that you exclude the Depreciation for that period on your income tax & do not deduct that same amount from your cost base, as you can ignore it from both end (Claim & deduction) to keep it simple.

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Most helpful response

Devotee

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@ATO1231 

For CGT purpose yes, only for the period from the date property was vacated till the date it was sold. You also need to make sure that you exclude the Depreciation for that period on your income tax & do not deduct that same amount from your cost base, as you can ignore it from both end (Claim & deduction) to keep it simple.

Initiate

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Thank you