Are My Relocation Costs Tax Deductible?
The Australian Taxation Office has the last say on deductible and non-deductible items. Homeowners and investors do receive a few opportunities to deduct some items related to property ownership. However, the ATO does not accept deductible relocation costs. Even though relocation costs do not count as tax-deductible items, workarounds do exist.
For example, some homeowners must sell their current home and purchase a new one at the same time. This puts their finances in a tight spot. To alleviate the tightness, homeowners can apply for a Mortgage House relocation home loan. Homeowners can use the funds to pay for the new home. In addition, they can keep up with their current home loan repayments until the home is sold. Ideally, the proceeds from the sale will cover the outstanding amount.
Even though you can’t claim your relocation costs on your taxes, you might have the ability to deduct the home loan rates on the relocation home loan. Thus, you can obtain some savings. Before declaring the interest charges or other real estate-related items on your taxes, speak with a tax professional who keeps up with the latest changes in ATO policy.
Mortgage House helps homeowners who need to relocate in a hurry. Our loan specialists have access to proprietary tools that allow them to evaluate applications efficiently.
Australian Deductible Relocation Costs Conclusion
Even though very few deductible relocation costs exist, homeowners can still relocate and manage their costs. Those who need to bridge their finances can apply for a Mortgage House relocation home loan. Contact our loan specialists today.