Hi there,
I am looking to claim the interest costs while my IP was under construction.
Has anyone claimed this deduction using e-tax? When going through e-tax, the Rent section asks the question 'Did you earn rental income or was your property available for rent? This seems to be the only section where you can enter your interest deductions and other rental property expenses into e-tax.
In my case my property was available for rent in August 2012 as that is when construction was completed. E-tax asks the question 'Date property first available for rent.' If I enter August 2012 which enters into the next financial year, are my deductions valid for the 2011-12 financial year?
If anyone has done this using e-tax, please let me know how you went about it.
Thanks.
I am looking to claim the interest costs while my IP was under construction.
Has anyone claimed this deduction using e-tax? When going through e-tax, the Rent section asks the question 'Did you earn rental income or was your property available for rent? This seems to be the only section where you can enter your interest deductions and other rental property expenses into e-tax.
In my case my property was available for rent in August 2012 as that is when construction was completed. E-tax asks the question 'Date property first available for rent.' If I enter August 2012 which enters into the next financial year, are my deductions valid for the 2011-12 financial year?
If anyone has done this using e-tax, please let me know how you went about it.
Thanks.