All Topics / Legal & Accounting / tax liability if morgage is in 2 names but IP in one name only

Viewing 3 posts - 1 through 3 (of 3 total)
  • Profile photo of Susannah BowdenSusannah Bowden
    Member
    @susannah-bowden
    Join Date: 2006
    Post Count: 8
    March 17, 2011 - 2:52 am

     I would like to purchase an investment property in my name only.  I would need to have my husbands & my name on the bank mortgage loan documentation for serviceability purposes. Under this scenario would any tax implications (negative/positive gearing) be 100% in my name? Are there any tax or other implications for my husband in this scenario? He is a Director of a company.

    Profile photo of Dan42Dan42
    Member
    @dan42
    Join Date: 2008
    Post Count: 619
    March 17, 2011 - 3:30 am

    Hi Susannah,

    If the property is in your name only, and the borrowed funds are used solely to purchase the investment property, then you can claim all the interest in your name.

    There would be no deduction for your hubby.

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099
    March 19, 2011 - 2:06 am

    Only claim the tax benefit for the title deed holder of the IP…doesnt matter whos on the mortgage.

    Reagrds
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
    Email Me | Phone Me

    Same Banks. Better Rates. Served With a Passion.

Viewing 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.