Recovery of depreciation
1: When a investment property is sold is both the building and the chattel provision for depreciation treated as depreciation recovered?
2:With the chattels many really have no value and some have nil book value
3: A developer is looking to purchase the property and will almost immediately be demolishing the buildings
4: Should I demolish the buildings prior to sale hence avoiding the write back (Its about $800k in the provision of which $440k is for the building)
5: Should I contract to sell the land only and retain the buildings on a terminating lease then allow the buildings to be demolished (split the title)
6: If a building is sited on a terminating ground lease is the building treated as a temporary building and hence can be depreciated
1: When a investment property is sold is both the building and the chattel provision for depreciation treated as depreciation recovered?
2:With the chattels many really have no value and some have nil book value
3: A developer is looking to purchase the property and will almost immediately be demolishing the buildings
4: Should I demolish the buildings prior to sale hence avoiding the write back (Its about $800k in the provision of which $440k is for the building)
5: Should I contract to sell the land only and retain the buildings on a terminating lease then allow the buildings to be demolished (split the title)
6: If a building is sited on a terminating ground lease is the building treated as a temporary building and hence can be depreciated
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