QUOTE(property101 @ Dec 9 2010, 09:11 AM)
does this apply to individual investor or property management company? or both?
i did for myself individual, no idea on company 1...
Added on December 9, 2010, 10:51 am
QUOTE(rakyat @ Dec 9 2010, 09:20 AM)
kok_pun - r u sure of the calculation? As a 'mortgage advisor', u should check ur facts. You CANNOT* interest as cost.
You can only deduct 'cost of making the property rentable' i.e. minor renovation, fittings, repairs, stamping cost, agency fees & maintainence cost. Hence the calculation should be gain 1000 - bills 150 = RM850.00 taxable income
* except for 'own stay' property bought from 2009 onward but this is only for a 3 year period (2009 to 2011)
mortgage consultant is my job, a sales job mar.... this is tax planning mar, not in my job scope also... i am sharing my personal experience, it is just what i know....
and thanks for pointing out
then i have to redo my tax for last year. Are you pretty sure interest is taxable? any source? Please provide... i am getting worried.
Added on December 9, 2010, 10:53 am
QUOTE(yeowa @ Dec 9 2010, 09:44 AM)
hi. Interest is deductible if your property are generating income.
Source: Malaysian Taxation - Rental Income
then rakyat is wrong and i am right.... guess i need not to redo my tax lar.....
friend, dont scare me okay?
# mortgage interest ( Please take note that mortgage interest is not equaled to the mortgage payment. Monthly mortgage payment consist of mortgage interest and capital repayment. Mortgage interest is deductible expense but capital repayment is not deductible expense)
"This post has been edited by kok_pun: Dec 9 2010, 10:53 AM