Hello and happy new year to you all.
Case:
(1) Deposit coming from equity in own home using Line of Credit at BNZ
(2) Remainder of borrowing coming from the National bank which holds security over IP which will go under the name of the LAQC
(3) LAQC exists for IP and tax reporting/recording
Questions:
If you are using the equity in your own home (via Line Of Credit) for a deposit on an investment property, how do you seperate this amount and the interest related to it for tax deductiblilty purposes?
Do I need to set up a bank account with either BNZ or National Bank in the name of the LAQC where the deposit from LOC gets redirected before paying out deposit?
Your comments would be appreciated.
regards
Annett
Case:
(1) Deposit coming from equity in own home using Line of Credit at BNZ
(2) Remainder of borrowing coming from the National bank which holds security over IP which will go under the name of the LAQC
(3) LAQC exists for IP and tax reporting/recording
Questions:
If you are using the equity in your own home (via Line Of Credit) for a deposit on an investment property, how do you seperate this amount and the interest related to it for tax deductiblilty purposes?
Do I need to set up a bank account with either BNZ or National Bank in the name of the LAQC where the deposit from LOC gets redirected before paying out deposit?
Your comments would be appreciated.
regards
Annett
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