SearchIs the interest of a refinanced rental loan tax deductible?
Emma Zhang asks:
(updated on Thursday, December 06th 2007)
Our Experts Answer:
The short answer is 'it depends'. There is a process to go through to determine this, and one that can't be 'shortcut'. It will mostly depend on how much the rental property has increased relative to your purchase price (and mortgage). Make sure you see an accountant who specialises in property in order to ensure it is done correctly.Kenina Court is a director of Acorn Solutions Limited, an accounting firm dedicated to working with clients to help them create wealth. She is an avid property investor, entrepreneur and seminar presenter on asset protection and wealth strategies.
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