Yeah... I don't have any idea what the tax codes are there. Here, it would depend on how it's structured. My way of looking at it tho... if there's a chance of some significant price appreciation and the rental aspect is holding it's own... worst case is you pay a percentage tax on the gain. I don't know what that is nominally where he is... but here it would still be well worth doing. Again, not knowing your tax codes.... but if you could use the depreciation to create a loss that can carry forward.... mabey you pay less tax on the capital gain than on the earned income? I dunno... just tossing out ideas.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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