All Topics / Help Needed! / negative gearing a property

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  • Profile photo of ugez009ugez009
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    @ugez009
    Join Date: 2006
    Post Count: 16
    July 15, 2006 - 2:02 am

    i am looking at realising tax breaks by negative gearing a property, can someone tell me if loan cost are deductable i.e. set up costs, yearly loan charge

    Also this is a key issue for me, i am thinking of getting a 100% mortgage, there is mortgage insurance to be paid upfront, is this cost tax debuctable?

    Help appreciated

    Profile photo of NATS12NATS12
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    @nats12
    Join Date: 2003
    Post Count: 129
    July 16, 2006 - 1:46 pm

    i believe that you can claim this. In the event these costs are over $100, then you need to tax deduct the costs over 5 years. can still lead to a pretty decent size deduction if you’re going to 100% finance the mortgage.

    please note that this is only my thoughts and you should seek professional advice

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