All Topics / General Property / If u borrow against ppor,is interest deductable?

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  • Profile photo of Misty1Misty1
    Member
    @misty1
    Join Date: 2004
    Post Count: 348
    June 20, 2004 - 8:09 am

    Say you borrow for an i.p. against your ppor.
    Does the interest you then have to pay on your ppor,become deductable?
    (I fully understand the interest on the i.p. does)[blink]

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    June 20, 2004 - 1:56 pm

    The key is what the money was spent on.

    If an IP, shares, managed funds, etc then deductible. Regardless of the security.

    If using your home loan have a seperate split detailed to keep the loans seperate.

    Cheers,

    Simon Macks
    Mortgage Broker
    http://www.mortgagehunter.com.au
    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.

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