So this is a little different, and im looking for a some advise. My mother has a property under a IP loan, however it is her PPOR. Now I understand that she is very restricted on what she can claim here (as I understand she needs to prove where she lives, if not at the ''investment'', and if this is an investment, proof that is she trying to rent it out?) BUT in the way of tax deductions, is there much she can do? There has been a fair bit of renovating/ improvments made, but again, as she is living there, Im unsure if anything here counts as tax deductions. Just trying to make the most for her as she is heading towards retirement! Any advise will be appreciate. Thanks guys! @Terry_w @Paul@PFI any thoughts?
What the loan is classified as with the bank is irrelevant. if it is the main residence and non-income producing then there is nothing to claim.
As I suspected. Thanks Terry Im curious at what point can she start to claim, once she has moved out and can justify trying to produce income from it? are there any issues with it being rented to a family member or friend? and would the works done to the property while it was her PPOR not count towards any claims as it wasnt an imcome producing asset at the time, any way to move those cost up to when it was an IP so we can claim?
If the property is not being lived in and is available for rent and if efforts are being made to find tenants then the expenses from that point would be deductible. Any building works or fixtures and fittings could be depreciated.
Ok cool, Simple stuff I know, but I have yet to own my first IP so not overly sure of all the ins and outs. Thanks for the clarifications
Thanks mate! I will have a proper read through, I guess I was going for a long shot as to see if anyone had any legal, but 'interesting' ideas.
Build Passive Income WITHOUT Buyers Agents! Build Passive Income WITHOUT Dropping $15K On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia » Learn HOW Now!