how to divide up expenses?

[jonesy427]

just would like to clear this up sooner rather than later.

recently purcahsed 2 units (130 & 135k respectively) under 1 loan (220k).

how do i divide up the interest? do i even divide up the interest? infact any purcahsing cost?

anyone with any input is welcome! thanks guys (and gals)

 

[wobbycarly]

Disclaimer: I'm not an accountant

Your interest costs are YOUR interest costs. Your income is YOUR income.

This would get complicated if you have more than yourself on the title and/or one of these places was NOT an investment, but if the loan and the income is all attributable to you then the interest can be claimed in total.

If you really wanted to do a P&L by property, that's when you'd need to apportion the costs.

 

[Aaron_C]

I think he is asking that question because on your personal tax return you have to list the interest costs for each property you have....

It's hard to say exactly what it should be as we don't know how you paid for each property etc.

 

[jonesy427]

so its not as straight forward as i think then? ill get the accountant on the job. i just like to have everything prepared.
cheers fellas