Hi all
I've got a couple of questions about tax and mortgages that someone might be able to answer...
1. If we work from home and our business pays a lease to our trust for the use of the property, is the interest on the mortgage tax deductible? (because the property is being used to derive an income)
2. Most of the books I've read indicate that you should borrow up to the max possible against your rental properties (which are tax deductible) and use any balance to pay off your home loan mortgage (which is not tax deductible). Is the balance $ you borrow against the rentals still tax deductible if you use it to pay down your home loan?
3. And one for the number crunchers out there... is it better to be paying 9.6% interest that IS tax deductible, or 6.5% that is NOT tax deductible?
Thanks anyone!
Regan
I've got a couple of questions about tax and mortgages that someone might be able to answer...
1. If we work from home and our business pays a lease to our trust for the use of the property, is the interest on the mortgage tax deductible? (because the property is being used to derive an income)
2. Most of the books I've read indicate that you should borrow up to the max possible against your rental properties (which are tax deductible) and use any balance to pay off your home loan mortgage (which is not tax deductible). Is the balance $ you borrow against the rentals still tax deductible if you use it to pay down your home loan?
3. And one for the number crunchers out there... is it better to be paying 9.6% interest that IS tax deductible, or 6.5% that is NOT tax deductible?
Thanks anyone!
Regan
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