Re: Travel expenses before property ready for occupancy -- Cox Business Accountants

[ Show ]

Support VoyForums

[ Shrink ]

VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

[ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time ]

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: Tuesday, October 19, 03:58:30pm
Author: Mike
Subject: Re: Travel expenses before property ready for occupancy
In reply to: Linda 's message, "Travel expenses before property ready for occupancy" on Monday, October 18, 03:43:05pm

Linda,

You have touched on a good point. Generally speaking until a rental property is available to be rented by a tenant there are no allowable deductions to be claimed. There are some exceptions to this rule but unfortunately, travel is not one of them. Therefore, you could not claim the travel costs as a deduction unless they were incurred after the property was available for rent. The actual settlement date is largely irrelevant as you are deemed to have purchased the property when contracts are exchanged, not when you pay for it.

If you cannot claim a deduction you should keep details of all outgoings relating to the property prior to it being completed as they can still be taken into consideration for capital gains tax purposes.

I hope this clarifies things for you.

Regards

Mike

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Replies:

Re: Travel expenses before property ready for occupancy -- Linda, Wednesday, October 20, 03:06:14pm