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From: Lisa Dawson
Hi, This is Ted & Lisa here. We are newbies to this forum and would love some advice.
We have 3 IP's worth $460k and we owe 300k (IO) and all are positively geared.
Our home is worth 200k and we owe 16k (P&I).
We have just purchased another home to live for 300k (probably a bad move but we love the place). Our dilemma is whether to sell our home which we will not have to pay CGT and pay it off the new place or to hold on to it and rent it out for 230p.w. Would it be better to sell our home ( because there would not be much in the way of tax deductions for interest) and buy another IP which we can claim interest deductions on.
Any advice?
Hi, This is Ted & Lisa here. We are newbies to this forum and would love some advice.
We have 3 IP's worth $460k and we owe 300k (IO) and all are positively geared.
Our home is worth 200k and we owe 16k (P&I).
We have just purchased another home to live for 300k (probably a bad move but we love the place). Our dilemma is whether to sell our home which we will not have to pay CGT and pay it off the new place or to hold on to it and rent it out for 230p.w. Would it be better to sell our home ( because there would not be much in the way of tax deductions for interest) and buy another IP which we can claim interest deductions on.
Any advice?
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