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Can I deduct the interest I pay on my home loan?

Posted 6 November 2012 under Tax Questions



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I have received a tax certificate from my bank showing the amount of interest I was changed during the tax year. Where (if anywhere) do I capture this on my tax return?

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TaxTimTaxTim says:
1 November 2012 at 13:30

You are not allowed to deduct the interest on a home loan unless you rent that home out to earn income in which case the interest can be deducted from that income before you pay tax. Otherwise I'm afraid the interest is not a tax deduction!


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