All Topics / Legal & Accounting / Tax deductions on partial ownership

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  • Profile photo of MichaelBMichaelB
    Member
    @michaelb
    Join Date: 2004
    Post Count: 1

    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.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    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 Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

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