I would like to understand what structure would suit my situation best? I’ve been researching the possibility of purchasing a property (3-4br house) in conjunction with my siblings(sister and brother) somewhere in the inner west of Syd. Ideally I would like for it to be classified as an IP but I would also like to live in it with my wife and child. Individually we wouldn’t have enough to service the repayments but pooled together we will be ok.
Our situation is as follows:
- I’m married (1 x child)single income highest tax bracket, currently paying off mortgage.
- Siblings are both single living at home medium tax bracket, 1 is paying mortgage on IP (2br unit)
I want to ensure that all our interests are taken into account, not to negatively impact any one of us but at the same time pool our resources to move ahead and help each other where possible. We would then plan to continue and hopefully set up a larger portfolio of IPs as well.
I have questions around tax (living in the IP, deductions, lower taxable income, etc..), asset protection that spring to mind, also what about if one wants out?
I have read quite a few posts, some mention tenants in common, some talk of trusts? Has anyone done something similar?
I’m interested in your replies any feedback is greatly appreciated.
Our situation is as follows:
- I’m married (1 x child)single income highest tax bracket, currently paying off mortgage.
- Siblings are both single living at home medium tax bracket, 1 is paying mortgage on IP (2br unit)
I want to ensure that all our interests are taken into account, not to negatively impact any one of us but at the same time pool our resources to move ahead and help each other where possible. We would then plan to continue and hopefully set up a larger portfolio of IPs as well.
I have questions around tax (living in the IP, deductions, lower taxable income, etc..), asset protection that spring to mind, also what about if one wants out?
I have read quite a few posts, some mention tenants in common, some talk of trusts? Has anyone done something similar?
I’m interested in your replies any feedback is greatly appreciated.