All Topics / The Treasure Chest / Renting your own property question

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  • Profile photo of crushercrusher
    Participant
    @crusher
    Join Date: 2002
    Post Count: 186
    May 1, 2003 - 6:14 am

    In the latest newsletter there was an option suggesting paying out the loan on your principal place of residence and then renting it back in order make interest on the loan deductable. How do you rent back a house that you own? Does this then make it an investment property?[?]
    TB

    Profile photo of truebluetrueblue
    Member
    @trueblue
    Join Date: 2003
    Post Count: 142
    May 1, 2003 - 8:27 am

    I suppose you can sell your property to a family trust and then rent it back. However, you’ll have to pay CGT when you eventually sell the property. Also don’t forget all the associated costs like stamp duty.

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