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Security subtition from PPOR to IP
100% non-deductible. Cannot be fixed without one spouse selling to the other and refinance that reacquisition. You are in Vic so are lucky I suspect. The fine numbers need to work but there is a solution that doesn't involve duty. Get tax / legal advice on doing that.- Paul@PFI
- Post #11
- Forum: Accounting and Tax
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Security subtition from PPOR to IP
Brady - Ahhh. Was this a fixed rate loan ?? So the bank avoided a trigger for the payout cost ?? Otherwise its makes no sense to not resettle the loan. Its fatal to any deduction for sure. The lender has jeopardised the deductibility. Liability ?? How is the mortgage still OK ?? The loan was...- Paul@PFI
- Post #8
- Forum: Accounting and Tax
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Security subtition from PPOR to IP
I'm still confused...So I will repeat my understanding. Correct me if I'm wrong. You had a IP and part of the security for your IP was the security of your own PPOR. There was also a loan foe the IP secured by the IP. You wanted to sell the PPOR but the bank has issues with loss of...- Paul@PFI
- Post #6
- Forum: Accounting and Tax
