![]() More about business repairs and maintenance ![]() If the work undertaken goes beyond restoring the property to its original condition or increases the value of the property, the costs are capital expenses so not deductible for tax purposes. Whether you can make a deduction or not will depend on the nature and extent of work done. Not all repairs and maintenance costs you incur are deductible. More about interest limitation rules Repairs and maintenance The percentage will decrease in 20 with no interest deduction being allowed from 1 April 2025 onwards. Only 75% of the interest can be claimed from 1 October 2021 to 31 March 2022. Mortgage interest deductions for a property acquired before this date are being phased out by the government. Agent commission as part of buying and selling the propertyįrom 1 October 2021, interest is not deductible for a rental property purchased on or after 27 March 2021, but an exemption applies for “new builds”.Repairs and maintenance that go beyond replacement including repairs work completed before/after the tenant moving in/out.Any additions and improvements to the property.Repairs and maintenance of revenue in natureĮxpenses that are of capital nature are not tax deductible. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |