Hi all,
About 1 year ago my brother and I purchased our family home from my parents who were struggling to pay off their mortgage.
My brother and I bought the place and we all continued to live there.
My parents pay us what they can which might be a couple of hundred bucks a month.
We are on a interst only mortgage, approx $2400 (soon to increase to $2700 after honeymoon period ended) per month of interest only payments.
I moved out recently and rent a place else where and would like to know if :
a) I can claim my portion of interst payments as Interest deductions on investment property?
b) Can my brother also claim any? He still lives there but also recived some of the rental income from parent (although not a huge amount)
c) What is required to claim interst payments on tax? Is it as simple as plugging in appropriate amounts into e-tax or does something official need to be set up for this to happen?
Any help appreciated
cheers
About 1 year ago my brother and I purchased our family home from my parents who were struggling to pay off their mortgage.
My brother and I bought the place and we all continued to live there.
My parents pay us what they can which might be a couple of hundred bucks a month.
We are on a interst only mortgage, approx $2400 (soon to increase to $2700 after honeymoon period ended) per month of interest only payments.
I moved out recently and rent a place else where and would like to know if :
a) I can claim my portion of interst payments as Interest deductions on investment property?
b) Can my brother also claim any? He still lives there but also recived some of the rental income from parent (although not a huge amount)
c) What is required to claim interst payments on tax? Is it as simple as plugging in appropriate amounts into e-tax or does something official need to be set up for this to happen?
Any help appreciated
cheers