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I had a investment apartment which I purchased in 2010. We brought it for $285k and we put down the deposit of $28k which brought the mortgage on the apartment to $260k. In 2014 we borrowed $10k from the mortgage and in December 2016 we sold the apartment for $275K. My question is, with the $10k that we borrowed from the mortgage, do we have to pay tax on it?

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7 years ago

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Ross Laurenson

Current Rating: 4.29 / 5

Finance Manager

Frankston, VIC

7 years ago

No you do not
In actual fact it appears that you lost $10k on the transaction
Best you speak to your accountant as how best to offset this loss against existing income
Always hold discussions with your accountant at all times
Cheers and good luck

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AnneMarie K.

7 years ago

Thank you so much Ross.

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