Straight Off Deduction for Repairs/Restore due to Burglary

Discussion in 'Accounting & Tax' started by melbournian, 14th Sep, 2016.

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  1. melbournian

    melbournian Well-Known Member

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    I know about tax deductions for repairs. What about repairs due to a burglary? IP got burglared and requires repairs it's a straight off deduction as oppose to depreciating. (did speak to my accountant) who says it is but anyone been in this situation.
     
    melbournian, 14th Sep, 2016
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    The reason for the repairs doesn't really change anything.
     
    Terry_w, 14th Sep, 2016
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  3. Depreciator

    Depreciator Well-Known Member

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    Yep, as Terry said it doesn't matter whether the damage was caused by a burglar, a storm, a dog or whatever.
    If the repairs are being paid for by insurance, you cannot also depreciate them.
     
    Depreciator, 14th Sep, 2016
    #3