hello,
Im in a much higher tax bracket than my wife but ive been told that our overall investment tax deductions have to be divided in 2. Is this true and is there aother way around this.. (without getting a divorce)[
]My understanding is;
In relation to property you need the Title to be in your name only to claim all the deductions in your name.
There are ways of getting around this but they are usually set up at time of purchase through the contract type. If you have already bought the place in both your names then you must split the deductions,short of reorganising the contract of course ( not advisable , could be expensive)
On the upside if you get a capital gain the you can split that across both you and your wife.MJK
as MJK said – it comes down to who is own title.
Pete
…Beware of the dreamtakers…
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