Doing renovations whilst tenants are in the property ..

Just wondering if there are any tax benefits to renovating kitchen + bathroom whilst tenants are still in the property?

Was hoping some of it could be 'replacement costs' as there was a recent leak in bathroom wall so we're now left with a massive hole in the wall ..

If we renovate, we'd like to do a pretty good job because we would eventually like to move into this property possible in the future

Any advice would be really appreciated

 

Can't say about the tax side, but you would need to come to an arrangement with the tenant first. You may need to provide a rent reduction during the renovation of the kitchen. It probably won't be practical for the tenants to go without a bathroom though.

 

Talk to the tenants first. You will need their full cooperation and consent. At the very least, you will have to pay alternative accommodation while house is unliveable (no kitchen or bathroom), provided they agree.
Marg

 

The tax treatment of your proposed renovations has nothing to do with whether you have tenants occupying at the time or not.

No, you hope some of it will be treated as "repairs" with an immediate write off not a "replacement" which gets depreciated over time.

You can't keep a tenant in situ with no bathroom or kitchen during a reno as Nick V said.