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Property depreciation and capital gains tax – Brad Beer
In a recent Real Estate Talk Show Brad Beer, from BMT Tax Depreciation, answers a question about property depreciation and capital gains tax. Read the transcript here: Kevin: As a follow-on from an interview that I did with Brad Beer from BMT Tax Depreciation a couple of weeks ago, David wrote to us and said, “In a segment on tax deduction for depreciation, it was said that why would you let the tax office have that money? Doesn’t the tax office get all those amounts that you’ve claimed over the years when the property is sold by you or your estate? “Sure, inflation will have diminished the effect, but they still get it all back. Or do they take the view that even if you didn’t claim depreciation it still happened, and would take it off the cost base and hence increase the capital gain on which you pay tax?” David, thank you for your question. I have Brad on the line. Good day, Brad. Brad: Hi, Kevin. Kevin: Brad, I’ve sent that through to you.