Are lenders mortgage insurance and stamp duty deductible?

Sorry if the question sounds silly but apart from the property itself, these two seem to be the biggest expenses of acquiring an IP in the first place.
Also, if these expenses are paid via the IP loan, is the interest on the loan still fully deductible or do they need to be apportioned out?
 
Not sure about lenders insurance - we have never paid it.

The stamp duty is not deductible, it forms part of the cost base of the property when calculating CGT.
Marg
 
Hi

Lender mortgage insurance is a borrowing cost and is deductible over 5 years apportionate to the days relevant in the financial year. Ie, if you took the loan out July 31 the first year would be LMI/5 x 334/365 and the following years would be 1/5 of the LMI cost until the borrowing costs were fully amortised.

Alysha

www.gatherumgoss.com
 
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