Smoo

Smoo replied to the topic Turning PPOR into IP…tax question in the forum Help Needed! 9 years, 4 months ago

Yep. Our PPOR is in both names.

The IP’s are in mine only.

Smoo replied to the topic Turning PPOR into IP…tax question in the forum Help Needed! 9 years, 4 months ago

Thanks Jamie and Terry

I guess the only benefit of having the equity from our current property used for a deposit would be that it would be an interest only loan.

It’s a tricky one…we were initially thinking of selling our PPOR (in sydney) to buy our new PPOR (also in Sydney). The benefit of this is obviously no CGT and a healthy deposit for…[Read more]

Smoo replied to the topic Turning PPOR into IP…tax question in the forum Help Needed! 9 years, 4 months ago

Thanks Jamie and Terry

I guess the only benefit of having the equity from our current property used for a deposit would be that it would be an interest only loan.

It’s a tricky one…we were initially thinking of selling our PPOR (in sydney) to buy our new PPOR (also in Sydney). The benefit of this is obviously no CGT and a healthy deposit for…[Read more]

Smoo replied to the topic Turning PPOR into IP…tax question in the forum Help Needed! 9 years, 4 months ago

Thanks Jamie!

I guess the only benefit of having the equity from our current property used for a deposit would be that it would be an interest only loan.

It’s a tricky one…we were initially thinking of selling our PPOR (in sydney) to buy our new PPOR (also in Sydney). The benefit of this is obviously no CGT and a healthy deposit for our new…[Read more]

Smoo started the topic Turning PPOR into IP…tax question in the forum Help Needed! 9 years, 4 months ago

Hi All,

I hoping some of you switched on property gurus can help me.

If a PPOR is turned into an IP, I am aware you can’t simply draw equity from the property to use to purchase a new PPOR and claim that equity as a tax deduction.

But I am wondering in which scenarios the use of equity could be claimed as a tax deduction? I will be seeking…[Read more]