Hi All,
This may seem like a relatively simple question but would appreciate some clarification.
If an IP is purchased for say $100k and LMI, stamp duty, initial strata, water, council rates etc are all added to the loan balance then how are deductions claimed on these expenses if they technically have not actually been paid as they are now part of the loan?
Does the interest on this higher loan balance become claimable as a kind of offset? Or are the costs still claimable?
I woud have thought that only interest up to the point of the value of the property would be claimable.
Thx
Nick
This may seem like a relatively simple question but would appreciate some clarification.
If an IP is purchased for say $100k and LMI, stamp duty, initial strata, water, council rates etc are all added to the loan balance then how are deductions claimed on these expenses if they technically have not actually been paid as they are now part of the loan?
Does the interest on this higher loan balance become claimable as a kind of offset? Or are the costs still claimable?
I woud have thought that only interest up to the point of the value of the property would be claimable.
Thx
Nick