From: Adrian See
Dear forum
I would just like to clear something up that I am not 100% sure of.
If I take out a loan for my principal place of residence, live in the place while renovating for a year and then rent it out, I will be able to claim the interest as a tax deduction when it is up for rent won't I?
Also, I moved into a new apartment 2 weeks ago and the loan is an investment loan. I will live in the place for up to 6 months which is basically the end of June, then rent it out. Would the experienced people recommend making it a rental property on the 1st July to make taxation simpler or does not make any difference. When does it actually become a rental property so that I can claim deductions, the day I advertise it for rent?
Regards
Adrian See
Dear forum
I would just like to clear something up that I am not 100% sure of.
If I take out a loan for my principal place of residence, live in the place while renovating for a year and then rent it out, I will be able to claim the interest as a tax deduction when it is up for rent won't I?
Also, I moved into a new apartment 2 weeks ago and the loan is an investment loan. I will live in the place for up to 6 months which is basically the end of June, then rent it out. Would the experienced people recommend making it a rental property on the 1st July to make taxation simpler or does not make any difference. When does it actually become a rental property so that I can claim deductions, the day I advertise it for rent?
Regards
Adrian See
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