I've probably created a mess here... not sure.
4 properties in total.
I refinanced one IP so went from borrowing $336 000 to $432 000
I used that $96 000 to add 4 bedrooms to my PPOR which I rent out for $660 pw.
Can I deduct the interest paid on that $96 000 against one of my property's rental incomes?
Second question.
If I was to refinance my PPOR, pull $80 000 out of that, and then spend that to put a house on a block of land and keep it as a IP rental, could I deduct the interest paid on that $80 000 from the rental income for that IP?
Thanks.
4 properties in total.
I refinanced one IP so went from borrowing $336 000 to $432 000
I used that $96 000 to add 4 bedrooms to my PPOR which I rent out for $660 pw.
Can I deduct the interest paid on that $96 000 against one of my property's rental incomes?
Second question.
If I was to refinance my PPOR, pull $80 000 out of that, and then spend that to put a house on a block of land and keep it as a IP rental, could I deduct the interest paid on that $80 000 from the rental income for that IP?
Thanks.
Can I deduct interest payments in this situation?
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