Browse Forums Home Finance 1 Jan 18, 2013 8:58 pm Hey, I have recently purchased my first home, and i am renting it out for 6 months before i move into the property. My question is, over the next 6 months, should i be keeping ALL tax invoices associated with the property so i can claim expenses back at tax time, or is there no point because i am only renting the house for 6 months? I understand if i were to keep it as purely a rental property, then i would benefit at tax time, but is 6 months going to benefit me at all? Also, i am keen to continue to build my property portfolio, and i was wondering if it possible to buy another investment property (probably a unit or apartment), rent it out indefinitely, but have an interest only home loan on that property? (if that makes sense?) Any advice will be greatly appreciated! Cheers, Chris. Re: First Home/ Investment Question 2Jan 18, 2013 10:38 pm Yes, keep all invoices. Tax time will still count, even for 6 months. If you go through a real estate agent, they provide monthly summaries of all income/expenses. If you have any other costs, eg advertising or repairs/maintenance, they are also claimable. While being rented out, all interest paid on the home loan during that time is able to be claimed at tax time. So if it was an interest only loan, all of that would be able to be claimed. Re: First Home/ Investment Question 3Jan 19, 2013 12:11 am Yep, doesn't matter how long it is rented for, any expenses associated with the property while you are renting it out can be claimed. So for the 6 months you can claim interest paid on any loan, rates, water, repairs, rental agent fees, etc. Helps with your tax return As for purchasing another property and having it an interest only loan, that can be done (normally 5 year terms but can be rolled over) and should be the way you proceed, especially if you are going to move into the first property and make it your home. Cheers Tom Soak wells and electrical run in happening this week! Summit has told me they will relocate the laundry plumbing after the walls are completed. I'm actually pretty happy… 13 36883 Cant give recommendations in general with that builder, but during the colour selection, this is honestly personal preference. Depends on the style you want. Do you want… 1 627 What you are looking at is fibrous plaster, true gypsum, it is cast on horizontal beds with fibers included to give strength. I has no Asbestos in it. Houses before 1985… 2 8060 |