Hello,
I have a Line of Credit that is attached to my PPOR.
A few years ago, I purchased an IP, with 20% of the purchase price coming from that LOC (to avoid mortgage insurance).
I have decided to move into the IP, and rent out the PPOR. It will still be classified as my PPOR.
Whilst living in the IP, can I claim as a tax deduction the interest paid on the LOC? (Given the property that I originally used the money for is not actually producing income.)
Hope that makes sense.
Accounting query re LOC
I have a Line of Credit that is attached to my PPOR.
A few years ago, I purchased an IP, with 20% of the purchase price coming from that LOC (to avoid mortgage insurance).
I have decided to move into the IP, and rent out the PPOR. It will still be classified as my PPOR.
Whilst living in the IP, can I claim as a tax deduction the interest paid on the LOC? (Given the property that I originally used the money for is not actually producing income.)
Hope that makes sense.
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