Hi,
In December I moved into my IP to renovate it. I spent 6 months there (have all receipts) and renovated it myself as I lived and worked in the area. After 6 months, I have now completed the reno and I am leasing it back to tenants. Can I still claim the property as an IP and claim negative gearing off it? The reason I moved into the IP was that it was in another state and I wanted to do the reno's myself instead of paying someone to do it without me there to keep an eye out on the work.
Can I still claim the expenses against my income for that period or will the ATO say that it became my PPOR for that period?
In December I moved into my IP to renovate it. I spent 6 months there (have all receipts) and renovated it myself as I lived and worked in the area. After 6 months, I have now completed the reno and I am leasing it back to tenants. Can I still claim the property as an IP and claim negative gearing off it? The reason I moved into the IP was that it was in another state and I wanted to do the reno's myself instead of paying someone to do it without me there to keep an eye out on the work.
Can I still claim the expenses against my income for that period or will the ATO say that it became my PPOR for that period?