How do I handle general portfolio costs?
Question I have a number of properties but some costs are generic and cannot be attributed to a single property. Is it possible to offset a cost against a single property or do I need to apportion them? For example, I purchased some decoration materials for painting and decorating two of my properties. Can I just offset the cost against one property?
The costs can be split between the two properties. In actual fact, as the totals from all properties let on a similar basis are amalgamated for tax purposes, it is sometimes easier to work out each property in it's own right and then have a separate listing of generic expenses to add on at the end when you combine all the incomes and expenditures. Either way is fine, as it makes no difference to the tax position.
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