Just bought a house to live in, health now prevents us from moving in for the next few months
Can I rent it out, will my interest rates be tax deductible as income from rent would be taxable
I have a line of credit for this house
I need to live in the house before the 12 months as I have paid home ownership stamp duty (Queensland)
Or should I pay the extra stamp duty now as an investment property
HarrieHi Harrie,
Yes interest would be tax deductable for as long as the property is used as an investment property and rent will be a taxable income. You can also claim depreciation benefits and negative gearing benefits for that period too wich is more than likely to offset all income tax (in most cases in todays market).
Can’t answer the stamp duty thing, I’m not in QLD,
wish I was [biggrin]Investment Property Management
http://www.adprop.com.au
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