apportioning tax deductions

[dajackal]

hi, i'm looking to purchase a property as joint tenants with my wife.
we currently have other properties in individual names.
we're looking to draw down equity to fund the deposit for this next purchase.
say if i draw down 10k and she draws down 100k how will the tax deductions be apportioned for the interest charges?

i know that income and expenses should be apportioned on our individual tax returns depending on ownership, but what if our initial contributions are skewed?

 

[dajackal]

hi again,

any help would be greatly appreciated.
i've searched high and low through the forums and couldn't find what i'm looking for.

thanks

 

[Terryw]

hi again,

any help would be greatly appreciated.
i've searched high and low through the forums and couldn't find what i'm looking for.

thanks

I think tax deductions will be treated in proportion to ownership of the one being purchased.