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Question Title: Tax Position - Roof repairs
| Question: 7 |
| Can I claim the costs of repairs to the roof on my rental property ?
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| Answer: |
| When calculating your taxable income, you are permitted to deduct the costs of any reasonable expenses such as repairs which are not of a capital nature. Therefore, the costs of repairing the roof will be allowable provided that the repairs do not result in a significant improvement of the asset beyond its original condition (for example, there would be a capital improvement if you included the cost of installing new Velux-style roof-lights in the repair work).
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References:
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Pages:
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Hyperlinks:
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Letting Handbook |
Chapter 14 |
letting-handbook-and-factsheets.html
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For more information, discuss on the Forum
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