All Topics / Legal & Accounting / interest deduction on unpaid interest

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  • Profile photo of mtechmtech
    Member
    @mtech
    Join Date: 2004
    Post Count: 1
    May 5, 2004 - 1:03 am

    hi if i were to live off the rents for a while aand just allow the interest deductions to accumulate in my Line of Credit would this interest on the interest be tax deductible especially if there is no other income to live off.
    so basically living off the capital gain of invest prop.

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    May 5, 2004 - 1:15 am

    I believe that interest on capitalised interest is not deductible.

    Please seek a tax experts advice on this one.

    Cheers,

    Simon Macks
    Mortgage Broker
    http://www.mortgagehunter.com.au
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

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