Hi,
I will be moving out of my PPOR in about 10-12 months and turning it into an IP, i will be doing a bit of cosmetic revonvation and have a query on the deductibility of borrowed money
This is my understanding;
That even when a property is a PPOR when renovations are done , you can claim a decution for capital works later on, if and when it becomes an IP (correct?)
If so, great.
What i want to do is also be able to claim a deduction on the interest from borrowed funds used for the reno.
How would I go about this? e.g when i covert the PPOR loan to an IP loan just get in and smash out the renovations ASAP and then have it listed for rent?
Thanks for your help in advance, my heads in a bit of a grey area where this is concerned.
I will be moving out of my PPOR in about 10-12 months and turning it into an IP, i will be doing a bit of cosmetic revonvation and have a query on the deductibility of borrowed money
This is my understanding;
That even when a property is a PPOR when renovations are done , you can claim a decution for capital works later on, if and when it becomes an IP (correct?)
If so, great.
What i want to do is also be able to claim a deduction on the interest from borrowed funds used for the reno.
How would I go about this? e.g when i covert the PPOR loan to an IP loan just get in and smash out the renovations ASAP and then have it listed for rent?
Thanks for your help in advance, my heads in a bit of a grey area where this is concerned.
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