All Topics / Legal & Accounting / Quick one for the accountants

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  • Profile photo of TSLTSL
    Participant
    @tsl
    Join Date: 2008
    Post Count: 6
    August 8, 2008 - 5:37 am

    If I was to top up my existing investment property mortgage to do renovations on the house, would the interest still be tax deductable?

    I would be redrawing on the loan and only for stuff on the house – investment purposes?

    Thanks

    Profile photo of mpertilempertile
    Member
    @mpertile
    Join Date: 2005
    Post Count: 55
    August 8, 2008 - 5:59 am

    I am not an accountant, but if you are borrowing against your investment property and using the money to inrpove the investment property, then yes the interest is tax deductible.

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