I know that costs incurred soon after buying are capitalised but is the reverse true? Currently tidying up a rental for sale - maintenance, (part) redec in and out, general flossying up - and am assuming costs can be expensed. Is that correct?
Also I realise that costs in the year of sale will need to be pro rated, but are there exceptions to that? Also that there will be some building depreciation recovered, maybe a little bit of chattels depreciation recovered as well, so have budgeted for that.
Also I realise that costs in the year of sale will need to be pro rated, but are there exceptions to that? Also that there will be some building depreciation recovered, maybe a little bit of chattels depreciation recovered as well, so have budgeted for that.
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