My father died and left me a rental property.
The property was in a really bad state of repair (as my father hadn't spent any money on it for the last 10 years!!) and I had to make the following repairs:
1. Replaced the boiler and radiators.
2. Have every room skimmed and then redecorated including some rooms where I had to have the plasterboard replaced.
3. Replaced the carpet.
4. Replaced the fridge freezer.
5. Have a leaking roof repaired.
6. Some new wiring and new sockets and switches.
In an all it has cost me nearly £9000.
I remember reading somewhere that you can claim for some types of repairs and others you could only claim for when selling the property.
Please would someone be kind enough to tell me what I can claim against rental income for the current tax year and what I should claim as a capital expense when I sell the property?
Thanks
Sol
The property was in a really bad state of repair (as my father hadn't spent any money on it for the last 10 years!!) and I had to make the following repairs:
1. Replaced the boiler and radiators.
2. Have every room skimmed and then redecorated including some rooms where I had to have the plasterboard replaced.
3. Replaced the carpet.
4. Replaced the fridge freezer.
5. Have a leaking roof repaired.
6. Some new wiring and new sockets and switches.
In an all it has cost me nearly £9000.
I remember reading somewhere that you can claim for some types of repairs and others you could only claim for when selling the property.
Please would someone be kind enough to tell me what I can claim against rental income for the current tax year and what I should claim as a capital expense when I sell the property?
Thanks
Sol
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