Hi,
I'm just about to settle on my first property set up under a family trust (after reading Dale's "Tax Battles").
But I'm not sure about what I have to do about keeping the accounting separate.
It was bought using only borrowed funds. But I've already had to contribute for pre-purchase expenses. And the first bank payment will come in a few days before the first rent arrives.
The trust was set up OK, but I don't have a clue as to what I have to do about accounting for the money I contribute, the money that the trust contributes, and what comes out of the trust again.
Is there a website which would explain this in nice four letter worsd?
I'm just about to settle on my first property set up under a family trust (after reading Dale's "Tax Battles").
But I'm not sure about what I have to do about keeping the accounting separate.
It was bought using only borrowed funds. But I've already had to contribute for pre-purchase expenses. And the first bank payment will come in a few days before the first rent arrives.
The trust was set up OK, but I don't have a clue as to what I have to do about accounting for the money I contribute, the money that the trust contributes, and what comes out of the trust again.
Is there a website which would explain this in nice four letter worsd?