All Topics / Help Needed! / Using Equity to Pay Settlement Fees

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  • Profile photo of sam2009856sam2009856
    Member
    @sam2009856
    Join Date: 2006
    Post Count: 79
    November 20, 2006 - 3:11 am

    Hi

    I have just drawn a heap of equity to settle on a few properties.

    This equity has not only paid the deposits but also the settlement fees eg. stamp duty, LMI ect

    My equity loan is interest only. At tax time can I claim the interest repayments on this loan for the portion I used top pay settlement fees?

    I hope I am making sense.

    Thanks

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    November 20, 2006 - 8:53 am

    Based on the info I believe it would be deductible.

    but you shouldn’t act on a stranger’s advice …

    speak to your accountant.

    Simon Macks
    Residential and Commercial Finance 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.

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