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Does building Granny flat on cash would still be tax deductible?

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Ruby | 07 Sep 2015, 02:28 PM Agree 0
Hello Everyone,

I was wondering that if building granny flat on Cash would make it tax deductible or not apart from on-going expenses.
I have got loan on the main residence and we were thinking to take extra cash out from the main loan and get the granny flat built but not sure if we can claim the money back in the tax required to build granny flat.

Please help.

Regards,
Ruby
  • julia | 26 Sep 2015, 09:03 PM Agree 0
    Don't do this, borrow separately to build the granny flat on an interest only loan so you can concentrate on paying off your own home
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