I've just had some painting work done to my rental (long-term tenant) and I'm not sure what I can deduct the expenses under.
Basically the painting expenses relate to the walls and ceilings in the main living areas of the house. The work involved fixing superficial cracks and painting the walls in more modern colours. The invoice I received is not itemized, merely showing painting: $3000
I'm leaning towards the fixing of the cracks as being a repair and painting the more modern colours an improvement as the whole living area was repainted. However, because they are not separated in the invoice the I believe the whole job is a capital expense, and therefore deductible at 2.5% under div 43 as cap. works?
Any help would be much appreciated.
Basically the painting expenses relate to the walls and ceilings in the main living areas of the house. The work involved fixing superficial cracks and painting the walls in more modern colours. The invoice I received is not itemized, merely showing painting: $3000
I'm leaning towards the fixing of the cracks as being a repair and painting the more modern colours an improvement as the whole living area was repainted. However, because they are not separated in the invoice the I believe the whole job is a capital expense, and therefore deductible at 2.5% under div 43 as cap. works?
Any help would be much appreciated.