All Topics / Help Needed! / Negative Gearing – Tax Deduction Based on Loan or House

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of adam.padam.p
    Participant
    @adam.p
    Join Date: 2012
    Post Count: 22
    January 18, 2013 - 1:25 am

    Guys, 

    Please help me clarify. Is negative gearing tax deduction is based on "whose name on the loan" or "whose name on the house"?

    Let say, house is registered under wife name only.

    But loan is registered under husband + wife name.

    For negative gearing purposes, who can claim tax deduction?

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    January 18, 2013 - 1:37 am

    It goes by the name on the title.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 19, 2013 - 12:11 am

    Neither. Will depend on a few things such as how the money is used.

    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

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    January 19, 2013 - 5:38 am

    Hi Adam

    I assume you're simply asking about a loan attached to an IP? Is that the case?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of adam.padam.p
    Participant
    @adam.p
    Join Date: 2012
    Post Count: 22
    January 21, 2013 - 12:59 am

    Hi Jamie,

    To clarify my question:

    I have an IP but only on my Wife name.

    The loan is on me and wife name. The loan is secured against this same IP and for the purpose to buy this IP.

    It will be negative gearing IP. So, with this scenario, who is allow to claim tax deduction?

    Thanks

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 21, 2013 - 1:33 am
    adam.p wrote:
    Hi Jamie,

    To clarify my question:

    I have an IP but only on my Wife name.

    The loan is on me and wife name. The loan is secured against this same IP and for the purpose to buy this IP.

    It will be negative gearing IP. So, with this scenario, who is allow to claim tax deduction?

    Thanks

    Wife

    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 6 posts - 1 through 6 (of 6 total)

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