All Topics / Help Needed! / FHOG
Hi All
Can anyone clarify if i could claim a property as a an investment and get the tax deductions for the following situation?
Purchase first property in Jan 2009 and receive FHOG then rent it out fro 11 months, then move into the property in the twelth month to satisfy FHOG Conditions.
Is the period that is was tenanted for considered an investment property in this situation?
Any help is much appreciated.
Thanks
Yes you could but depending on which State you are in mind have an issue claiming the OO Stamp Duty.
Richard Taylor | Australia's leading private lender
Hey Richard
Thanks for your help there. Im in NSW. With OO deduction on Stamp Duty exempt. Would the interest and other property costs still be deductible?
Hi T Caine,
What you have described is exactly how I bought my first IP
ie: Purchase, rent for 11 months, and then move in for 6 months.
You will only be able to claim deductions during the period for which you are renting the place out. So in short, no deductions for the 6 months you are living there as a first home owner to satisfy the grant.
Hope this helps.
Costs of a property while rented out are deductible.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You must be logged in to reply to this topic. If you don't have an account, you can register here.