I will be borrowing over 100% of the cost to cover land purchase to turn key completion for my IP.
1. If I borrow additional funds to cover interest payements during construction, is the additional interest deductable.
2. If I use the loan to cover Council rates, utilities, insurance etc during construction is the interest deductable.
3. If I use the loan to cover property settlement cost (I know property settlement cost are added to the cost base), but is the interest deductable.
4. If I use the loan to cover the loan cost, is the interest deductable, if so can interest be deducted in the 1st year or does the 5 year rule apply.
1. If I borrow additional funds to cover interest payements during construction, is the additional interest deductable.
2. If I use the loan to cover Council rates, utilities, insurance etc during construction is the interest deductable.
3. If I use the loan to cover property settlement cost (I know property settlement cost are added to the cost base), but is the interest deductable.
4. If I use the loan to cover the loan cost, is the interest deductable, if so can interest be deducted in the 1st year or does the 5 year rule apply.