Working out interest deductibility on joint ownership

Home › Forums › Managing Property & Financials › Accounting and Tax › Working out interest deductibility on joint ownership

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • December 27, 2019 at 11:41 pm #417
    Thind1977Thind1977
    Participant
    Offline
    Topics: 1
    Replies: 0
    Has thanked: 0 times
    Been thanked: 0 times

    I think i’ve got this but can someone confirm. I own an investment property with three other parties and the loan is split equally into thirds.

    On the title however two parties own 25% each and the third owner has half.

    Is the interest deductions at tax time based on the loan splits, what each parties pays or the title ownership?

    Joint Investment property home loan $1m with A, B and C each 33.33%

    December 28, 2019 at 4:36 pm #451
    TuddlyTuddly
    Participant
    Offline
    Topics: 1
    Replies: 4
    Has thanked: 0 times
    Been thanked: 1 time

    Get advice from the relevant professionals but tax deductibility is based on the title isn’t it?

    Might want to check with your accountant and then if you need to change those loans get onto your broker before you make yourself an accounting mess.

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.