Hi everyone,
Can anyone help out with the following?
1. I know income protection insurance is tax deductible, but how much of it is deductible? Is it 100% Therefore, you take away 100% of the amount the insurance costs you from your taxable income each year to give you your new taxable income?
2. Are other types of insurances you take out when you are gearing (like trauma cover and life insurance) also tax deductible? And if so, at what rate?
3. When you get your lender to do a valuation of your home so you can borrow against it, how long does this valuation usually last for?
4. If you take out a line of credit to lock in a high valuation for your home (before prices start to fall), do you have to draw down on the loan straight away? And if you wait a while, what is the usual maximum of time lenders will let you have before you have to drawn down on the line of credit (or is there no set time)???
I hope these questions make sense. Thanks to anyone who answers
Cheers
John
Can anyone help out with the following?
1. I know income protection insurance is tax deductible, but how much of it is deductible? Is it 100% Therefore, you take away 100% of the amount the insurance costs you from your taxable income each year to give you your new taxable income?
2. Are other types of insurances you take out when you are gearing (like trauma cover and life insurance) also tax deductible? And if so, at what rate?
3. When you get your lender to do a valuation of your home so you can borrow against it, how long does this valuation usually last for?
4. If you take out a line of credit to lock in a high valuation for your home (before prices start to fall), do you have to draw down on the loan straight away? And if you wait a while, what is the usual maximum of time lenders will let you have before you have to drawn down on the line of credit (or is there no set time)???
I hope these questions make sense. Thanks to anyone who answers
Cheers
John