Key Takeaways Mortgage interest on a second home is tax deductible within the same limits as the mortgage on your first home. Property taxes paid on additional homes can also be tax deductible, regardless of the number of homes you own. If you rent out your second home for 14 days...
If you build an addition, replace the roof, or make other improvements to the property, you can also claim depreciation deductions to recover those costs, too. How much you can deduct each year for depreciation depends on your cost basis in the property, the property’s recovery period, ...
Finally, after more than 15 years as CEO, I would like to take this opportunity to thank you, dear Shareholders, for your trust and support. With effect from 4 May 2023, I will pass on responsibility for our company to the skilled hands of my successor, Tobias Meyer. I am ...
3. Moulds and Prototype Making Phase – According to Customer A's specification, we start to perform the design works, make the moulds and prototype; – This process would take around 6 to 12 months; – Customer A would also work with our purchasing department on electronics components and ...
The cost of improvements to leasehold property are capitalised, disclosed as leasehold property and amortised over the unexpired period of the lease, or the estimated useful life of the improvements, whichever is shorter. The annual depreciation rates are shown below for each classification of asset:...