Hi. I intend on purchasing a run down property under my LAQC. The owners started some work but its mainly unfinished. The property has no carpet (only underlay in some places and bare wooden floors in others). Lots of light fittings missing (just wires hanging) and re-gibbed and plastered which needs sanding and painting.
My question is when I do the reno after purchase and the cost is say 15K all up, will this be capital expenses or expenses that I can claim in my tax returns?
My question is when I do the reno after purchase and the cost is say 15K all up, will this be capital expenses or expenses that I can claim in my tax returns?
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