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So you have an investment property, and you’re starting to prepare for tax time? Make sure you read this first! Research has shown that 80% of investors are failing to take full advantage of the tax benefits available to them, and are subsequently missing out on getting the return they deserve.
One of the most common deductions missed by investors is depreciation. Depreciation is often considered a ‘non cash’ expense, which means that claiming a property’s depreciation can make a significant difference to your cash flow. A property that would otherwise result in a weekly cash flow drain can be turned into a weekly surplus (or closer to it) simply by remembering to claim the deduction for its depreciation.
At Professionals Paradise Realty we find that investors will often deliberately seek out new or near new Liverpool homes for the very reason that they want to enjoy maximum depreciation benefits, but those with established homes may still be very pleasantly surprised to know their potential deduction. If you currently own an investment property in Liverpool we highly recommend using the services of a qualified quantity surveyor to provide you with a full depreciation report. This will generally cost far less than the return you’ll make from it, even in the first year of claiming the benefit, and the cost of the report itself is a tax deduction.
Tax season only comes around once a year, so make sure you know your entitlements and make the most of refund time. If you would like to know more about investment properties in Liverpool please contact us at Professionals Paradise Realty.