When I bought the investment property , I fully paid it off so there was no home loan. However, I would like to refinance/cash out from that investment property to invest in an extra property. My question is can I claim tax deduction for the interest generated after cashing out?
Hi @emma1234
If the redraw or refinancing is used to produce income like purchase an extra investment property. You can claim the interest on your new borrowings, as long as the property is rented or genuinely available for rent. The link @FinanceDude has provided takes you to our website where you can read more about rental expenses you can claim.
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