Isabellabean, thanks a lot for sharing. Honestly it was the most decent house we could afford last year with DH's income. The neighbourhood is not bad, but not nice either iykwim. DH has just got a new job, better pay but nearly 2 hours transport from this house. so if we could do it all over again we would have chosen a different house.
Hi babyla, thank you. What does it mean by "have it negatived gear for tax"? I thought rental income is taxable
Yep, rental income is taxable. However, interest of your mortgage and any other expenses related to an investment property (insurance, rates etc) all reduce your taxable income. So, at tax time all these things should reduce your taxable income and give you a nice tax return. Basically, if it's costing you more to have the property than the income coming in from it, you can use these costs as a tax benefit. It also includes any improvements to the property whilst it's rented out eg: new water system, paint, curtains etc.. Also if your rental income from the property is less than the interest you pay on it -ie: you're running at a loss, then you can use this loss as well to reduce your taxable income.
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