Hey all,
Would someone be able to let me know if this is legitimate tax strategy or not allowed.
If you use personal money to build a granny flat on an investment property and then refinance that property, to a new valuation (because of the increased added value of the added granny flat), can you then put that money back into your personal account and claim the increased loan against the investment property as tax deductible?
I hope that makes sense, any help would be much appreciated!
Would someone be able to let me know if this is legitimate tax strategy or not allowed.
If you use personal money to build a granny flat on an investment property and then refinance that property, to a new valuation (because of the increased added value of the added granny flat), can you then put that money back into your personal account and claim the increased loan against the investment property as tax deductible?
I hope that makes sense, any help would be much appreciated!