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Capital Loss

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Dear ATO community,
Can I please ask about Capital Loss - Loan Mortgage Insurance?

 

I have situation, we sold our property last year, and need to report all capitall Gain and Losses.

We paid LMI in 2013 when we bought our property, but from our memory we might never claimed this LMI back in 2013-2014.
We tried to ask our old accountant but they don't have our data or history anymore because already more than 5 years ago..


Does anyone know how to check back what we claimed in 2013?

Thanks so much before for your helps.

 

 

Best Regards

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Accepted Solutions

Most helpful response

Community Support

Replies 0

Hi @gize_ugi09

 

I understand that you are looking to claim this loan mortgage insurance expense to include in your cost base, to reduce your capital gains as it is can be classed as a borrowing expense (if not already claimed over a number of years as a deductible expense). You could go back through your bank records/statements (for initially granting the loan), and there maybe a breakup of how the bank expenses were broken up. The other way would be to contact your bank directly and ask them if they could retrieve a breakdown of these expenses (or the company who provided the mortgage insurance).

 

For more details, see Elements of the cost base.

1 REPLY 1

Most helpful response

Community Support

Replies 0

Hi @gize_ugi09

 

I understand that you are looking to claim this loan mortgage insurance expense to include in your cost base, to reduce your capital gains as it is can be classed as a borrowing expense (if not already claimed over a number of years as a deductible expense). You could go back through your bank records/statements (for initially granting the loan), and there maybe a breakup of how the bank expenses were broken up. The other way would be to contact your bank directly and ask them if they could retrieve a breakdown of these expenses (or the company who provided the mortgage insurance).

 

For more details, see Elements of the cost base.