All Topics / Help Needed! / splitting house into IP & PPOR

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  • Profile photo of crashycrashy
    Participant
    @crashy
    Join Date: 2003
    Post Count: 736
    August 19, 2005 - 6:48 am

    I just bought a highset house and plan to develop downstairs into a 2nd residence.

    I am using the FHOG, must I live upstairs for 6 months? What happens if I rent out downstairs?

    Will the interest be deductable?

    http://www.posigear.8k.com
    Positive Geared Share Investing

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 23, 2005 - 6:38 am

    It probably oculd be deductible, but you may lose your CGT exemption if you claim it. Better talk to your accountant to make sure.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

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