Announcements
On 7 August 2020 the government proposed further changes to the JobKeeper extension. For more information, visit the Treasury website.

ATO Community

Re: Interest on Loan for the sold rental property

Highlighted

Newbie

Views 29

Replies 1

Hi,

On tax return form , where should i allocate interest deduction for the rental property that been sold? Still under rental property section or as other deduction on the general deduction section , given the property is not exist anymore?
TIA
1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Best answer

Taxicorn

Replies 0

@Lee91@Lee91

 

Are you talking about expense incurred whilst waiting for it to be sold or expense after it was sold?

 

Whilst waiting for it to be sold and not advertised for rent it will form part of the cost base for Capital gains.

After it was sold will be a personal expense and not claimable.

 

1 REPLY 1
Highlighted

Best answer

Taxicorn

Replies 0

@Lee91@Lee91

 

Are you talking about expense incurred whilst waiting for it to be sold or expense after it was sold?

 

Whilst waiting for it to be sold and not advertised for rent it will form part of the cost base for Capital gains.

After it was sold will be a personal expense and not claimable.