All Topics / Legal & Accounting / Tax deductions on partial ownership
Hi all,
Just a quick question to point me in the right direction for research on this:
My wife and I live in a property which she partially owns with her father (she owns 5%, he owns 95%). We are paying standard market rent for the property but are wondering whether her father can claim against the interest paid on his 95% of the share, or does the father/daughter relationship or more importantly the fact that she is a tenant and a 5% part owner prevent him from claiming anything? Obviously she cannot claim her 5% interest, but can he claim his 95%?
Cheers,
Michael B.
I beleive he could negative gear his share of the house. best to talk to an accountant.
Terryw
Discover Home Loans
Mortgage Broker
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
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