• The place to find the right expertise and make better decisions
  • Find the right expertise

About Me

My Activity

answered
Q: Six years ago, I took out a residential property investment loan over two like properties, one of which is my residence, the other rented. Three years ago, I ended the tenancy of the rental property, and swapped properties ie rented my original residence. Up to that point , my loan interest was deductible. When I swapped homes I have been advised I cannot claim any of the home loan interest, only maintenance costs. I think this is incorrect advice as the loan is non-specific? Thank you!
A: Thanks again Brendan. I did miss a main point. I will connect with email and give some more detail. I cannot believe I am getting this much help to understand my position.
Cheers.
Peter
answered
Q: Six years ago, I took out a residential property investment loan over two like properties, one of which is my residence, the other rented. Three years ago, I ended the tenancy of the rental property, and swapped properties ie rented my original residence. Up to that point , my loan interest was deductible. When I swapped homes I have been advised I cannot claim any of the home loan interest, only maintenance costs. I think this is incorrect advice as the loan is non-specific? Thank you!
A: Hi Brendan. Thank you so much for that advice. You have confirmed that whichever is the rental property under the single loan facility, that property carries the tax deduct-ability for costs including loan interest and fees. I agree I should now transfer my accounting to a tax specialist professional in rental and negative gearing who would be a certified CPA. Although I queried it with my accountant, the last three years has seen my interest unclaimed. Much appreciated.
answered
Q: Six years ago, I took out a residential property investment loan over two like properties, one of which is my residence, the other rented. Three years ago, I ended the tenancy of the rental property, and swapped properties ie rented my original residence. Up to that point , my loan interest was deductible. When I swapped homes I have been advised I cannot claim any of the home loan interest, only maintenance costs. I think this is incorrect advice as the loan is non-specific? Thank you!
A: Thanks Scott. I take your point and understand it, however, the investment loan is over the two properties. My view is it should not matter which one I choose to rent out or reside in.
Regards
Peter
question
Q: Six years ago, I took out a residential property investment loan over two like properties, one of which is my residence, the other rented. Three years ago, I ended the tenancy of the rental property, and swapped properties ie rented my original residence. Up to that point , my loan interest was deductible. When I swapped homes I have been advised I cannot claim any of the home loan interest, only maintenance costs. I think this is incorrect advice as the loan is non-specific? Thank you!