Can mortgage insurance on an investment property be claimed as a deductable expense. we have just purchased our 1st investment property so still finding our feet with all this.
Yes, I beleive you have to claim it over 5 years, or term of the loan, whichever is shorter.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yes. It is an expense of buying property.
TMA
http://www.email4money.info
Investor Links
First Home Buyer WebsiteHello TerryW and TMA,
If the property was acquired as PPOR and later turned into an IP, can the LMI still be claimed?
Thanks in advance.
JP
JP
Thats something to ask your accountant, but I would suspect you could claim it, depending on how long ago your loan was taken out.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I would say no on this one but I am not an accountant. I think it is all based on the purpose of the expense at the time of paying which would have been PPOR. I don’t think you can dig up old expenses to deduct them.
Maybe ask this question in the accounting section. There are some good accountants on this forum.
TMA
http://www.email4money.info
Investor Links
First Home Buyer WebsiteThanks TMA and TerryW.
I will take both of you advises and talk to an accountant.
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