I know this is probably an 'ask your accountant' type question, but I don't have one (I've always done my tax returns myself) so I thought I'd get some opinions before taking it further.
Say I were to buy a property with another party (okay, my mum) as "tenants in common". She would live in the property and pay me half the market rental to occupy it.
Any idea whether this can be done? Can this be considered owner-occupied as far as her half is concerned and investment property as far as my half goes? That is, can I then deduct interest, expenses etc. as per normal as long as everything is done as though it were a 'standard' investment property? Could I set it up as 25/75 shares hers/mine? (Because this is closer to what it would actually be.)
Any helpful feedback appreciated
Say I were to buy a property with another party (okay, my mum) as "tenants in common". She would live in the property and pay me half the market rental to occupy it.
Any idea whether this can be done? Can this be considered owner-occupied as far as her half is concerned and investment property as far as my half goes? That is, can I then deduct interest, expenses etc. as per normal as long as everything is done as though it were a 'standard' investment property? Could I set it up as 25/75 shares hers/mine? (Because this is closer to what it would actually be.)
Any helpful feedback appreciated