I find this a grey area.
I have a house that is over 50 years old. The old wooden windows are draughty, leak warm air, hinges difficult to move and a pain to paint. So I spent $12000 removed the old windows and inserted double glazing. To be deductible the rule says replace like with like which does not make sense in this situation as the cost of double glazing is a small extra compared with single glazing.
My accountant also says I have likely increased the property value so it is depreciable.
Any comments please.
I have a house that is over 50 years old. The old wooden windows are draughty, leak warm air, hinges difficult to move and a pain to paint. So I spent $12000 removed the old windows and inserted double glazing. To be deductible the rule says replace like with like which does not make sense in this situation as the cost of double glazing is a small extra compared with single glazing.
My accountant also says I have likely increased the property value so it is depreciable.
Any comments please.
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