All Topics / Legal & Accounting / Claiming Loan costs as deductions

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  • Profile photo of SK2SK2
    Member
    @sk2
    Join Date: 2003
    Post Count: 36
    August 21, 2006 - 2:32 pm

    Hi,

    I remember reading that it is possible to claim loan costs as tax deductions. Are the below items tax deductible:

    – Mortgage Insurance
    – Fee for processing multiple loan drawings
    – Land Titles office charge
    – Government Stamp duty (On loan)

    All the above are what appeared within my loan statements and I am just wondering if I can claim against these?

    Regards,

    SK2

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 21, 2006 - 10:09 pm

    Loan costs are deductible over a period of 5 years or the term of the loan whichever is the shorter.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker
    100% Finance on selected properties in the USA.
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    Richard Taylor | Australia's leading private lender

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