Tax deductions with Lease Options

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From: Darryn Flood


Hi,

I have a question about buying property using a Lease Option.

If i purchase a property using the Lease Option and place a renter in the property immediately (ie from day 1 of the lease beginning), is the lease repayment tax deductible?

Thanks in advance
Darryn
 
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Reply: 1
From: Paul Zagoridis


Costs incurred in making an income are deductible. So if your making assessable income or are running a business with the intent of making a profit then your costs are deductible.

If this isn't what you meant then I'm too tired to be up this late ;-}

Paul Zag
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Reply: 1.1.1
From: Dale Gatherum-Goss


Hi

I have not actually prepared a tax return for anyone using the lease options, so, this thought is "on the fly" therefore, be careful and get proper advice before relying on this.

Yes, the lease repayments are tax deductible to you just as they would be for the lease of a car or shop when you plan to use that "asset" to generate an income.


I hope that this helps.

Dale
 
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