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From: David Beattie
Hi guys
I have been rearranging my finances and I could do with some assistance.
Current situation is that I have 2 IP's mortgaged together and my home mortgaged separately. Now with my Ip's they have had capital growth and I plan to use some of that equity and move it to my non tax deductible home.
My question is this as I am increasing my borrowings for my IPS ( and reducing my own home loan)can I claim a tax deduction for the increased borrowings or can I only claim on my original loan.
IF I can only claim on my original borrowings how would I determine what was new borrowings and what was old
I hope this makes some sense???
Hi guys
I have been rearranging my finances and I could do with some assistance.
Current situation is that I have 2 IP's mortgaged together and my home mortgaged separately. Now with my Ip's they have had capital growth and I plan to use some of that equity and move it to my non tax deductible home.
My question is this as I am increasing my borrowings for my IPS ( and reducing my own home loan)can I claim a tax deduction for the increased borrowings or can I only claim on my original loan.
IF I can only claim on my original borrowings how would I determine what was new borrowings and what was old
I hope this makes some sense???
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