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From: H T
Folks
Something I'm a bit confused about...
Say I have a property that I purchased at say 100k 2 years ago, ( with a 90k loan) and say its valued at 150k now. If I get it refinanced at 90% (.9*150=135k approx) on the new value and I put the money into my own residential property, can I now claim the additional 45k interest against the income on the investment property..
I realize if I buy another IP with the equity in the original Ip the money is a tax deduction, 'cause its going into an investment, but is the intention of what you want to do with the money the way the ATO looks at it or is it the asset that the equity has grown in that can be used to offset income??
thanks
HT
Folks
Something I'm a bit confused about...
Say I have a property that I purchased at say 100k 2 years ago, ( with a 90k loan) and say its valued at 150k now. If I get it refinanced at 90% (.9*150=135k approx) on the new value and I put the money into my own residential property, can I now claim the additional 45k interest against the income on the investment property..
I realize if I buy another IP with the equity in the original Ip the money is a tax deduction, 'cause its going into an investment, but is the intention of what you want to do with the money the way the ATO looks at it or is it the asset that the equity has grown in that can be used to offset income??
thanks
HT
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