Hi
I now own a few investment properties with my brother and sister, 3rd shares each (bought last November).
If we incur separate costs (eg one of us pays for a new letter box), can that individual claim the cost as a full tax deduction, or does the cost have to be pooled and then claimed equally. Meaning that as far as the ATO is concerned we all paid for it, regardless of where the funds came from.
Thanks
T
Hi Truska
Did you guys buy these as a business or company or anything?
If you bought as individuals I would guess that whoever buys the letterbox claims the deduction (if it was maintenance and not an improvement).
No doubt someone else can give you an exact answer.
Regards
JudiHi
We bought them as three Siblings trying to give each other a leg up. No company etc, just in three names.
The power of three is greater than the power of one[
]
(at least when it comes to buying power)T
Hi again Truska, just talked to you in the other post!
Did you buy it as tenants in common or joint tenants?
Not that I know the answer to your question[] but just interested.
[]I think you can only claim in proportion of ownership.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
you will only get one third each… you are in a partnership. if you were in a trust then you could divert it to the person who needed it most.
cheers
shaunLead, Follow or get out of the bloody way
]
] but just interested.
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