Hi,
probably a topic already discussed into submission – whats the concensus – is MI a claimable expence when purchasing an investment property.
Has this scenario been tested by the ATO?
tks in advance.
cheers
brahms
If you don’t ask, the answer is no!!
Hi Brahms,
MI is considered a borrowing cost and as such is claimable over five years or the life of the loan whichever is the shorter period.
Edit insertion ‘They (borrowing costs) also include other costs that the lender requires you to incur as a condition of them lending you the money for the property – such as the costs of obtaining a valuation of lender’s mortgage insurance if you borrow more than a certain percentage of the purchase price of the property”
From ATO Rental Properties guide 2002 – 03.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
quick answer is a good answer, tks Derek
cheers
brahms
If you don’t ask, the answer is no!!
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