Is a loan I'm taking out for a repair tax deductible?

Discussion in 'Loans & Mortgage Brokers' started by RogerP, 15th May, 2020.

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  1. RogerP

    RogerP Well-Known Member

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    Just been advised the ducted reverse cycle system at my investment property is broken. I have to replace the entire unit (although I can keep the same ducts and vents so at least there's that). But the quote for a complete replacement is $9k.

    I've spoken to the bank, they've looked into my situation and happy to extend my current loan so I can pay for this.

    Would the interest be tax deductible since it's for the cost of repairs?
     
    RogerP, 15th May, 2020
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Terry_w, 15th May, 2020
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  3. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    Usuage of funds is for your investment property, then yes its deductible.
     
    Tony Xia, 17th May, 2020
    #3
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