Storage space cost as tax deduction on rental income

ElKavo

Hi Guys,

Is it possible to write the cost of storage rental off against rental income tax? I can't seem to find an answer so that leads me to believe no but perhaps some of the wiser folks on Acc and Prop could advise.

Thanks

Alan Shore

Storage of what? If the item is needed in the house then it should be in the house.

ElKavo

Alan Shore wrote: »

Storage of what? If the item is needed in the house then it should be in the house.

Furniture. I.E. if the tenant wants to have the house unfurnished and the LL has already got it furnished.

antoinolachtnai

I don't see any reason why you couldn't. You really do need to check with an accountant.

I don't think storing furniture in a commercial facility will be very economic, however, unless the furniture is reasonably valuable.

ted1

ElKavo wrote: »

Hi Guys,

Is it possible to write the cost of storage rental off against rental income tax? I can't seem to find an answer so that leads me to believe no but perhaps some of the wiser folks on Acc and Prop could advise.

Thanks

Sounds like its a legitimate expense. If your depreciating the items being stored then they are clearly related to the rental buisness

Mrs OBumble

Check with an accountant - I know that for my property overseas, I cannot claim it.

(Mmm ...thinking, I should look in this myself ... if it is allowed here, I should start claiming it here! If you do ask an accountant, please let us know what they say!)

Wabbit Ears

I purchased extra storage in the basement which was an option in the apartment complex where I have an apartment rented abroad. Very handy as some of the furniture I originally had in the apartment didn't suit the tenants (like a double bed for students that were sharing who bought their own singles) and its stored there now.

Pawwed Rig

Should be alright to claim I would have thought
s.97 (2) (shortened by me to focus on relevant bits)

The deductions authorised by this subsection shall be deductions by reference to any or all of the following matters -
(b) any sums borne by the person chargeable -
(ii) in any other case, relating to and constituting an expense of the transaction or transactions under which the rents or receipts were received,
(c) the cost to the person chargeable of any services rendered or goods provided by such person, otherwise than as maintenance or repairs, being services or goods which -
(ii) in any other case, relate to and constitute an expense of the transaction or transactions under which the rents or receipts were received, not being an expense of a capital nature;
(d) the cost of maintenance, repairs, insurance and management of the premises borne by the person chargeable and relating to and constituting an expense of the transaction or transactions under which the rents or receipts were received, not being an expense of a capital nature;


Edit - you cannot of course claim capital allowances on furniture that is not in use.

ElKavo

Thanks for the replys guys. Much appreciated. will check with accountant anyway.

Gloomtastic!

ElKavo wrote: »

Thanks for the replys guys. Much appreciated. will check with accountant anyway.

Let us know what they say please........