Moving into IP ?

[Emily_Zac]

We may need to move into one of our IP's and rent out our PPOR for upto 1 year does this mean that mean when we move out after a year that we can not deduct the loan again ?

Thanks

Martin

 

[Propertunity]

Hi Martin,

You don't need to confuse yourself. While any of the properties you own / are being paid off and are available for rent by a tenant, the costs are tax deductible.

When any of them are being used for private purposes (i.e. you live there) the tax ded. stops for that period and re-commences when available for rent again.

 

[Jas]

What Propertunity said is correct. The only addition is I suggest you keep careful records of which property was and was not available for rent. That way, the ATO can't get you later.