Hi guys,
Just a quick question - We have a Home Equity Loan which we use for investing purposes only (Shares, IP's ect..). Just wondering if we can use this loan for all our renovation costs on a new IP that we've bought, to bring it up to a rentable standard and tax deduct the interest on the amount we will be taking from the H/E loan. I am aware that the reno's themselves are not tax deductable but thought that the interest on money borrowed to do the reno's may be?
SQ
Just a quick question - We have a Home Equity Loan which we use for investing purposes only (Shares, IP's ect..). Just wondering if we can use this loan for all our renovation costs on a new IP that we've bought, to bring it up to a rentable standard and tax deduct the interest on the amount we will be taking from the H/E loan. I am aware that the reno's themselves are not tax deductable but thought that the interest on money borrowed to do the reno's may be?
SQ