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From: Paul Hickey
Hi everyone
I've just redrawn about $60k of equity on my home (a unit) in Sydney to shop for an investment property (unit or house). The $60k will go on the 10% deposit, all my purchasing costs and stamp duties, etc and anything left over into shares.
However, if we spot the right house, my wife and I might decide to buy it and move into it and make it our new place of residence, so that our existing unit becoming our IP.
So if the $60k is secured by the unit (the IP) but used to purchase our new home, is the interest on it tax deductible?
Conversely, if we didn't move and just bought an IP, would it be tax deductible then?
Paul
Hi everyone
I've just redrawn about $60k of equity on my home (a unit) in Sydney to shop for an investment property (unit or house). The $60k will go on the 10% deposit, all my purchasing costs and stamp duties, etc and anything left over into shares.
However, if we spot the right house, my wife and I might decide to buy it and move into it and make it our new place of residence, so that our existing unit becoming our IP.
So if the $60k is secured by the unit (the IP) but used to purchase our new home, is the interest on it tax deductible?
Conversely, if we didn't move and just bought an IP, would it be tax deductible then?
Paul
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