All Topics / The Treasure Chest / Negative Gearing – Interest as a tax deduction?

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  • Profile photo of ShootingBlanksShootingBlanks
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    @shootingblanks
    Join Date: 2003
    Post Count: 3
    September 28, 2003 - 10:50 pm

    Is it true once I have lived in a place (investment or prime-residence) I cannot claim the interest as a tax right off? So it is always better financially to rent it out then live in if possible.

    Profile photo of Mortgage HunterMortgage Hunter
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    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    September 28, 2003 - 11:22 pm

    That isn’t true.

    Interest and other costs can be claimed for any period the property earns taxable income.

    Cheers,

    Simon Macks
    Mortgage Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of ShootingBlanksShootingBlanks
    Member
    @shootingblanks
    Join Date: 2003
    Post Count: 3
    September 29, 2003 - 7:10 am

    Thanks Simon. You are correct. Just spoke to a tax accountant. The book I read was misinformed (Your Investment Property (Anita Bell), page 2 – point 2)

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