Hi Guys,
Just wondering if anyone could answer my question.
OK so I'm just about to settle on my first IP. I need about $4k above what I have in cash to finalise the deal. I am planning to take this amount from one of my credit cards.
I have 3 credit cards with $30k available of which I owe about $14k. Now, with this extra $4k that I am going to pull out, am I able to claim the interest back on this at tax time?
If the answer is yes then I pose this further question. As I have used about $50k cash to complete this deal am I able to say that I pulled this from my full personal debt (i.e. $18k) from credit cards and then claim the interest charged on the $18k at Tax time?
Thanks everyone
Plummer
Simon Plummer | SP
https://www.sp.com.au
Email Me | Phone MeSP
Plummer wrote:I have 3 credit cards with $30k available of which I owe about $14k. Now, with this extra $4k that I am going to pull out, am I able to claim the interest back on this at tax time?yes but its not as easy as it might seem at face value and your accountant wont be happy about it.. you’ll end up paying
Plummer wrote:If the answer is yes then I pose this further question. As I have used about $50k cash to complete this deal am I able to say that I pulled this from my full personal debt (i.e. $18k) from credit cards and then claim the interest charged on the $18k at Tax time?Thanks everyone
Plummer
no you cant “say” that you did it, you have to actually do it. Its easy to say in hindsight I realise, but you should’ve used the cash to pay out the cards and the finance to pay for the deal.
Thanks 5o1
Simon Plummer | SP
https://www.sp.com.au
Email Me | Phone MeSP
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