Hi guys
I was seeking some guidance in terms of what you can claim in terms of an investment property.
My wife and I have 2 houses- one which was an investment that we purchased for 240K plus stamp duty a number of years ago.
The property was then rented out immediately for approx 7 years and was included in our tax returns as an investment property (ie. we claimed the interest we were paying on the 240K loan).
Then about 4 years ago we moved into the property and spent another 220K on renovations which I obtained from the redraw facility due to the equity that we had in the home.
If we were to move out again and make the property available for rental would I be able to claim the interest on 540K (ie. the original 320K + the additional 220K obtained on the redraw).
Would I also be correct that we would be able to claim 2.5% per annum on for the capital works that we undertook.
Any assistance would be appreciated.
I was seeking some guidance in terms of what you can claim in terms of an investment property.
My wife and I have 2 houses- one which was an investment that we purchased for 240K plus stamp duty a number of years ago.
The property was then rented out immediately for approx 7 years and was included in our tax returns as an investment property (ie. we claimed the interest we were paying on the 240K loan).
Then about 4 years ago we moved into the property and spent another 220K on renovations which I obtained from the redraw facility due to the equity that we had in the home.
If we were to move out again and make the property available for rental would I be able to claim the interest on 540K (ie. the original 320K + the additional 220K obtained on the redraw).
Would I also be correct that we would be able to claim 2.5% per annum on for the capital works that we undertook.
Any assistance would be appreciated.