is a vacant block of land considered a PPOR?

Discussion in 'Investment Strategy' started by robmillion, 10th Dec, 2010.

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  1. robmillion

    robmillion Member

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    Location:
    Melbourne, Vic
    If I sell a block of land that I purchased more than 12 months ago, are the interest payments and additional expenses incurred during ownership considered a tax deduction by the ATO?

    Given that I'm a FHB and currently living with parents, does that automatically qualify the block of land as my PPOR or would it be considered an investment property?

    Thanks in advance.
     
  2. samaka

    samaka Well-Known Member

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    Sydney
    You can't claim any deductions unless you earned an income. If all you did was hold the property then know. If you rented it out to someone, grazing land or even storing a trailer, then yes you could.
     
  3. jrc

    jrc Well-Known Member

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    Location:
    Regional NSW
    If you didn't earn nay income from the land then holding costs such as rates and interest should be able to be added to the cost base - section 110.25 of the 1997 Act
     
  4. Travelbug

    Travelbug Well-Known Member

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    Location:
    Gold Coast (from Sydney)
    PPOR means Principal Place of Residence. In other words- where you live so NO.
     

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