Transfering property security to another property when selling
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I am looking at selling my IP that is used for security for a loan that I used to buy another IP. I technically own the 2nd IP but used the security from the first.
Can I 'transfer' the security /loan to the 2nd IP without impacting on my interest tax deductions.
Reasoning: normally when you sell a property you pay the loan out.
I don't want to pay it out as it is my interest component for my second IP. Hope that makes sense.
Cheers
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I am looking at selling my IP that is used for security for a loan that I used to buy another IP. I technically own the 2nd IP but used the security from the first.
Can I 'transfer' the security /loan to the 2nd IP without impacting on my interest tax deductions.
Reasoning: normally when you sell a property you pay the loan out.
I don't want to pay it out as it is my interest component for my second IP. Hope that makes sense.
Cheers