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 Rental Income Tax, Rental Income Tax

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silverwave
post Mar 4 2018, 11:19 AM

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QUOTE(Ah SiAnG @ Aug 30 2017, 07:52 PM)
Only interest paid on loan taken to finance the purchase of real property which is rented out is deductible.
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Hi, this interest mentioned, is it the loan interest while the property is being rented or while the project is being developed?

I have a condo that is being rented and my understanding was rental income - expenses (maintenance, repairs, etc) = taxable figure
silverwave
post Mar 4 2018, 11:39 AM

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QUOTE(Ah SiAnG @ Mar 4 2018, 11:22 AM)
To my understanding it is loan interest paid during that particular year of assessment while the property is being rented.

You can't be renting out a property while the project is being developed right? Without Certificate of Completion and Compliance.

Please refer to Public Ruling No. 4/2011 Income from Letting of Real Property issued by IRB.
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I'm very new to property but there is a period when the loan gradually starts according to the progress of the property right? May be with DIBS many didn't have to pay. Or my understanding is wrong tongue.gif

Looking at it at a glance but i have not read through fully.

Just had 3 questions in my mind:
1) If the unit is not tenanted, put 0 or leave it blank while filing the tax? My unit was vacant for a year few years back.
2) Usually the bank interest is high during the first few years, assuming the statutory income from rental is a negative number after all the deductions, put 0?
3) I've not declared the first year income from rental, if i want to declare, what are the steps?

Thanks.

 

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