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Allowable deductions on property for tax purposes

Posted 13 July 2015 under Tax Questions



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Carol says:
13 July 2015 at 10:03

I bought a property in the previous tax year and paid initiation fees which were included in my bond account. Can I include the initiation fees as bank charges when doing my income tax return? Also the tenant didn't like the color paint in the house and we had to repaint the house can I deduct that cost under repairs and maintenance?

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TaxTimTaxTim says:
13 July 2015 at 14:11

Unfortunately the Initiation Costs are capital and these would be added to the cost of the property for when you sell it and therefore reduce the Capital Gains. The painting of the house can be deducted against the rental income.


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