Re: Any property gurus?
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Quote:
Originally Posted by jimmyxr6t04
Also, don't forget that LMI is also tax deductible on an investment property. So, whilst it's good to have a bigger deposit, sometimes it's worth borrowing that little extra and keeping your cash in your account, working against your own mortgage.
I think it's deducted over the first 5 years though? so, 20k LMI is a 4k tax deduction every year for the first 5 years. In the ACT, stamp duty is also tax deductible in the first year, so if buying purely for investment, it's a good place to look at.
For my most recent IP, i managed to have tax deductions of about 40k in the first year, so my last tax return was a good one!
Maybe not as affordable as Melbourne, but some decent houses with very good rent return.
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Interesting about stamp duty being deductible in the ACT in the first year . It's not normally deductible period , let alone all in year 1. Income tax legislation is federal and not state/territory based so hard to understand why this is for ACT only, or are you referring to stamp duty on the mortgage rather than the property purchase. On my last property stamp duty on the mortgage was waived , that was in NSW
Do you have a link to where it says that...Not doubting you, just curious
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