I recently replaced the windows and doors on a rental property. After talking to the accountant I was informed that these costly replacements are not tax reducing for rental income purposes. Is this correct? TIA
I recently replaced the windows and doors on a rental property. After talking to the accountant I was informed that these costly replacements are not tax reducing for rental income purposes. Is this correct? TIA
That's how I thought too. Accountant did ask about a like-for-like replacement if that makes any difference..they replaced windows & doors from 20+ years and expect that triple glazing wasn't available then.
Revenue seem very slow to allow large expenditure as simply maintenance/repair.
We had a large bill for fixing up a rental, painting, usual stuff and they asked for details and they agreed it was maintenance after the tenant wrecked the place, but we didn't replace anything.
Replaced a boiler 6 years ago and it was capital expenditure.