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From: Colin Sproul
Hi All,
I have just started doing lots of research before I purchase my first IP and have few questions that I haven`t found answers for yet - hope they`re not dumb!
1. Is stamp duty payable when buying an IP ??
2. I have seen a few examples of the basic formula of how to claim tax deductions and what I find is that the expenses are quit high i.e. rates, Insurance etc. and I have also seen where a percentage figure is used to work out the cost. Does anybody have a standard list of costs that can be claimed as an expense as I`m sure there is some things I am over looking ?? or is there a standard formula to use to get a % figure ??.
3. If I use a LOC to pay for the expenses is the interest also claimable?? (this may not be a good idea...I dunno)
Any assistance is greatly appreciated....I love learning about this stuff !!!
Cheers
Colin.
Hi All,
I have just started doing lots of research before I purchase my first IP and have few questions that I haven`t found answers for yet - hope they`re not dumb!
1. Is stamp duty payable when buying an IP ??
2. I have seen a few examples of the basic formula of how to claim tax deductions and what I find is that the expenses are quit high i.e. rates, Insurance etc. and I have also seen where a percentage figure is used to work out the cost. Does anybody have a standard list of costs that can be claimed as an expense as I`m sure there is some things I am over looking ?? or is there a standard formula to use to get a % figure ??.
3. If I use a LOC to pay for the expenses is the interest also claimable?? (this may not be a good idea...I dunno)
Any assistance is greatly appreciated....I love learning about this stuff !!!
Cheers
Colin.
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