Hi,
I currently have
a PPOR loan of 300k
offset account on PPOR of around 40k
I have intend to purchase an IP. now here is the headache trying to min cost/max profit, tax return
if i intend to use the spare say 40k from my offset account to jumpstart my first IP to pay off any stamp duty or any other cost involved. Due to this, PPOR loan via offset will increase by 40k. is that interest on that 40k from my PPOR tax deductable since that 40k is used for investment?
after some reading, i know that i should max the loan amount on IP and min the loan on PPOR.
cheers,
Scott
I currently have
a PPOR loan of 300k
offset account on PPOR of around 40k
I have intend to purchase an IP. now here is the headache trying to min cost/max profit, tax return
if i intend to use the spare say 40k from my offset account to jumpstart my first IP to pay off any stamp duty or any other cost involved. Due to this, PPOR loan via offset will increase by 40k. is that interest on that 40k from my PPOR tax deductable since that 40k is used for investment?
after some reading, i know that i should max the loan amount on IP and min the loan on PPOR.
cheers,
Scott