Hoping someone can help !!!
On my 1st IP when 1st purchased I did the following :-
Bought 06 - $410,000
Deposit - $82,000
loan - $328,000 100% deductable interest
then on bad broker advice we re-financed for a much better rate and to release the deposit
paid into out personal account $63,000
loan expenses (roll into loan) $17,500
loan - $408500 of which I have only claimed 80% of the interest in my returns
Now due to GFC I have had to sell this IP and I am having difficulty working out the capital gain / loss on this loan part of it
Can anyone help , I won't confuse anyone with what I think but would like others take on this
On my 1st IP when 1st purchased I did the following :-
Bought 06 - $410,000
Deposit - $82,000
loan - $328,000 100% deductable interest
then on bad broker advice we re-financed for a much better rate and to release the deposit
paid into out personal account $63,000
loan expenses (roll into loan) $17,500
loan - $408500 of which I have only claimed 80% of the interest in my returns
Now due to GFC I have had to sell this IP and I am having difficulty working out the capital gain / loss on this loan part of it
Can anyone help , I won't confuse anyone with what I think but would like others take on this