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From: Mike .
Receiving house as a GIFT and buying 1st IP. Need ADVICE!
From: James
Date: 02 Feb 2001
Time: 10:56:51
My father has a $250k property which he will give to me as a gift when I get married in one year. He's a generous man, not rich.
I am also looking at buying my first IP worth around same price. I'm earning $65k a year and my fiance earns $35k, so together we earn $100k pa. Would it be more beneficial to live in the gifted house or live in the IP?
Downside to living in IP is that I can't negative gear it(not IP anymore). Upside is that I'll get $7,000 grant. My question is, can I live in IP and then transfer my loan to the gifted house and treat that as an IP so I can then Negative Gear and also get the $7,000 grant? Thanks.
Receiving house as a GIFT and buying 1st IP. Need ADVICE!
From: James
Date: 02 Feb 2001
Time: 10:56:51
My father has a $250k property which he will give to me as a gift when I get married in one year. He's a generous man, not rich.
I am also looking at buying my first IP worth around same price. I'm earning $65k a year and my fiance earns $35k, so together we earn $100k pa. Would it be more beneficial to live in the gifted house or live in the IP?
Downside to living in IP is that I can't negative gear it(not IP anymore). Upside is that I'll get $7,000 grant. My question is, can I live in IP and then transfer my loan to the gifted house and treat that as an IP so I can then Negative Gear and also get the $7,000 grant? Thanks.
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