LMI is it deductible?

[Happiness 2]

We are about to commence investing, I am trying to ascertain whether LMI is deductible, I think I read somewhere that it is deductible over 5 years am I correct or just dreaming this is true?

 

[D.T.]

Yep over 5 years assuming its an IP

 

[Terry_w]

LMI is a borrowing cost deductible over 5 years or life of loan if shorter

 

[Paul@PFI]

All borrowing costs are deductible either annually (ie a monthly, annual fee) or over term of loan or 5 years whichever shorter. If you refinance in meantime you claim balance and then start again....

Borrowing costs may incl appn, valn, settlement, LMI etc....

I reckon 1/3rd of self preparers who give me their tax don't claim it. And didn't add it into their CGT records either.

 

[Happiness 2]

Thank you everyone your help is appreciated.