QUOTE(imax80 @ Mar 25 2010, 03:10 PM)
very good info..you r very knowledgeable and sexy..hope u are sexy gurl...hahah..just kidding
i haf several questions to ask
1. if investor have more than one property rented out..if one or more property incurred losses( gross rental income - property expenses = -ve cash flow) while other houses make profit, we can apply tax deduction to offset the losses.
issit true?
Only if its the same type of property ie. set off between 2 or more residential properties. You cannot set off between different types of preperty e g . one commercial(loss) and one residential(profit).
Alternatively if total number of rental properties is more than 4, you can classify it as business source then the above condition does not apply
QUOTE(imax80 @ Mar 25 2010, 03:10 PM)
2. i heard there is some kind of tax benefit of first time house buyer? issit true?
Nope
QUOTE(imax80 @ Mar 25 2010, 03:10 PM)
3. regarding the bank loan to finance our house..does it mean we can claim for tax deduction every year for the loan interest until we finish paying the loan? does it mean we need to check wif bank or our loan statement to determine the accumulated interest we had paid?
Best Regards

Nope currently limited to 3 years(I think) only.
edited to give better replying format instead of all the answers inside the quoteThis post has been edited by b00n: Mar 26 2010, 10:09 AM