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  1. #1

    Default Loan to take capital out of property

    Like most, my property has realised capital gains and has over $600k equity. My current account balance is zero. The structure is a look through company. My question is this. Is the LTC allowed to take out a loan of $150k against the rental property and give that to me for personal use, essentially realising some of the capital gain and then be able to count the loan interest as a deductible expense?

  2. #2
    Join Date
    Oct 2013
    Posts
    1,727

    Default

    Not with a zero current account balance. Speak to your accountant on ways of getting that balance up. Then yes.
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  3. #3

    Default

    Ok great thanks for the feedback.


 

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