Forum Replies Created
Thanks Pete,
The intention is to use the cash freed up in rebuying to pay off the PPOR. But i really dont want to get rid off the IPs, so will like to rebuy them…
I will really be paying stamp duty again but that will get offset by the negative gearing…Any good books which can give me more knowledge n trusts. I believe there is Trust Magic by Dale GG…any other source which anybody else will like to recommend…
So is selling 50%of stake possible without my having to sell and rebuy the rest of the 50%…
I thought the only way i have is to sell the whole thing and then buy jointly….
Yes,
I am fairly sure of deductibility of interest as i intend to construct fairly soon and have already started researching on it….Although i thought there should not be any issues in being able to sell to myself and my brother….as tenants in common…
can anybody clarify…
Just wondering that some other forumites with such vast experience and knowledge may also like to suggest on this…
Westan,
It will be great if you could share with us your experience…As GeoffBeck asked have you completed one full deal???
Thanks for your quick reply TMA…
Yes it was paid directly into the loan account but how do you define a formal agreement???
I did pay interest to her and she has paid tax on that interest(showing it as interest earned). We have maintained proper entries of the same.
Will thsi suffice?
Good Luck guys….u’ll need it!!!
Hey following on from djones query i have the following problem with my IP loan account:
I made 3 additional repays(big lump sum payments) temporarily into my IP Loan account. Basically my intention was to reduce my tax deductible loan temporarily as i didnt have any other loans at that moment. But within a month i bought a PPOR and have thus withdrawn these additional repayments in total and put this money in the PPOR loan which is non tax deductible.
I understand i should have made these payments in the offset account of teh IP loan but i was unaware of this at the moment….
Is there any way out of this mess as those additional repays were only for a very short time(less then a month and only 3 transction were made) and then withdrawn in 1 transaction.
Just want to know if i have any option or whether i have lost on teh negative gearing aspect of my loan???
Thanks in advance…
