Will this be difficult for our accountant at tax time ?
first is in my name only, second is in both mine and husbands.The second IP has been approved but we have not yet signed papers , wondering should we have seperate loans for each ? Loan is LOC , no annual fee , and a monthly fee of $8
The tax deduction is confusing me as not sure how to work it out over two properties on one loan ? I thought for me it would be easier to have all rent going in and all outgoings on properties coming out of the one account so i can keep a better track on them .Your best first point of call is to speak with your accountant and let him know exactly what you want (with regard to tax deductability etc) and he will give you the expert advice in which is the best structure moving forward. They do this daily and it shouldn't be an issue at all. If it is, then source out a better accountant (there are many that post on this site).
You'd be surprised at how simple it is running a few accounts across multiple properties, it just takes time to adjust.
Best of luck!
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