I have a question about taxation and investment loans and would really appreciate some advice please:
I currently have two loans for two investment properties. I want to use the equity on the two loans as the deposit to buy a family home.
If I use the equity as the deposit from the two investment loans to help finance a home loan will that stop me from being able to continue claiming the interest I pay on the investment loans as a tax deduction? I am afraid that by using the equity on the investment property to finance the home loan this will stop the tax office viewing it as an investment loan and stopping me from continue to claim the tax deduction on the investment properties from the negative gearing.
My apologies if this might seem a bit obvious to some, just wanted to make sure I was doing the right thing.
Any advice on this would be greatly appreciated!
cheers
Leilah
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