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From: David U
Hi
I recently had to switch out of a fixed 5 year i/o loan and refinance the loan to a variable rate. Cost me $10k, but was an absolutely necessary evil!
Quick questions:
i)
Can the break out costs be claimed in TOTAL in my next tax return?
ii)If not, say I have to claim these costs over 5 years; what happens if I sell the property after say year 1. Can I claim the balance, ie 4/5 * $10,000 = $8,000 in the following tax return or are the costs/write offs gone because I have sold?
Can anybody enlighten me?
Thanks for your help in advance
David U
Hi
I recently had to switch out of a fixed 5 year i/o loan and refinance the loan to a variable rate. Cost me $10k, but was an absolutely necessary evil!
Quick questions:
i)
Can the break out costs be claimed in TOTAL in my next tax return?
ii)If not, say I have to claim these costs over 5 years; what happens if I sell the property after say year 1. Can I claim the balance, ie 4/5 * $10,000 = $8,000 in the following tax return or are the costs/write offs gone because I have sold?
Can anybody enlighten me?
Thanks for your help in advance
David U
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