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Thread: Property Allowable expenses

  1. #1
    Join Date
    Apr 2011
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    2,810

    Default Property Allowable expenses

    I was trying to file my income tax but couldn't filled in all my property allowable deduction expenses, instead it shows a 15% deem tax, what is that, does it mean that we can now claim only 15% allowable expenses (ppty tax, mtce fees, insurance, agent's comm) against our gross income?

  2. #2
    Join Date
    Jun 2009
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    Southbank
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    9,531

    Default

    No you need to choose. 15% or deem tax

  3. #3
    Join Date
    May 2008
    Posts
    9,279

    Default

    Quote Originally Posted by irisng View Post
    I was trying to file my income tax but couldn't filled in all my property allowable deduction expenses, instead it shows a 15% deem tax, what is that, does it mean that we can now claim only 15% allowable expenses (ppty tax, mtce fees, insurance, agent's comm) against our gross income?
    there's a tick above which if u uncheck it, u can start filling in your expenses (if they exceed 15%, it would be better to choose this option.)

  4. #4
    Join Date
    Feb 2009
    Posts
    5,837

    Default

    Yes,

    work out your claims first.

    If it is less than the 'default' 15% .. just use it.

    If the claim is MORE than the default 15% ... move up the page ... UNCHECK the box ...then start to fill up all your claims

  5. #5
    Join Date
    Apr 2011
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    2,810

    Default

    Quote Originally Posted by proud owner View Post
    Yes,

    work out your claims first.

    If it is less than the 'default' 15% .. just use it.

    If the claim is MORE than the default 15% ... move up the page ... UNCHECK the box ...then start to fill up all your claims
    Oh thanks friends. Didn't see the check box, will try again.

  6. #6
    Join Date
    May 2008
    Posts
    9,279

    Default

    Quote Originally Posted by irisng View Post
    Oh thanks friends. Didn't see the check box, will try again.
    yup. just scroll back upwards at the ppty rent declaration page.

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