Hi guys,
we are in or process of purchasing an owner occupied property but for the first six months we want to rent it,as an investment property to recover some of the initial costs through the taxes. and then after six months we move in. I am thinking of getting fixed rate for two years interest only and paying all interest in advance this financial year while the property is considered investment. and deduct it from my taxes this year so when we move in for sometime we don't need to pay any interest to the bank. I would like to know if this is legal from accounting prospective and whether it actually doable? Has anyone done this before?
We are thinking to have it as PPoR for around five years, before converting it back to IP and moving to a large place. We are not thinking of selling this property for the next 10 or so years. Before Selling, we want to move in for a year to have it as our primary residence and then sell it.
Thanks
we are in or process of purchasing an owner occupied property but for the first six months we want to rent it,as an investment property to recover some of the initial costs through the taxes. and then after six months we move in. I am thinking of getting fixed rate for two years interest only and paying all interest in advance this financial year while the property is considered investment. and deduct it from my taxes this year so when we move in for sometime we don't need to pay any interest to the bank. I would like to know if this is legal from accounting prospective and whether it actually doable? Has anyone done this before?
We are thinking to have it as PPoR for around five years, before converting it back to IP and moving to a large place. We are not thinking of selling this property for the next 10 or so years. Before Selling, we want to move in for a year to have it as our primary residence and then sell it.
Thanks
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