All Topics / Help Needed! / Residence becomes a Rental
You buy a property with mortgage and live there for say, 3, 5 or 10 years. You then decide to move and live somewhere else, leaving this property as a rental.
Where do you stand with regard to tax deductibility of ongoing interest payments, acknowledging it has been your principal residence for some years? If you then decide to sell it, what are the capital gains implications? Thanks.
Rather than re-inventing the answer see these links
https://www.propertyinvesting.com/forums/getting-technical/legal-accounting/4330729?highlight=ppor
https://www.propertyinvesting.com/forums/property-investing/help-needed/4330896?highlight=ppor
https://www.propertyinvesting.com/forums/property-investing/help-needed/4330593?highlight=pporHence my recommendation to clients where possible keep the loan as Interest only with 100% offset account even though it is your PPOR.
Richard Taylor | Australia's leading private lender
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