Understand scrapping
Scrapping refers to the removal and disposal of any potentially depreciable asset from an investment property. When worn or old assets (like carpet and hot water systems) are replaced and scrapped, the owner of the property may be entitled to claim the remaining depreciable value for the items being removed as a tax deduction in that financial year.
Get a “before renovation” tax depreciation schedule
Arranging a tax depreciation schedule before completing renovations will save you time ...
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