Rental Property

Interest is a common deduction claimed by taxpayers. Generally, interest is seen as being inherently deductible where it is incurred in gaining or producing assessable income. However, interest expenses will not be deductible where money is used for a purpose that does not produce income, even if the money is borrowed by being secured over rent-producing property.

Rental Property: The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory.