Just to piggy back off this thead because I believe OP question has already been answered.
Ifthe property ownership is in single name but mortgage is in joint names, is there a senario were th ATO would look at the debt being tax deductible for both? Or in the case of the ATO do they soley look at title ownership?
Example
- property purchase in male applicants name for $335,000
- current loan in just MA name $175,000
- property demolished and subdivided now two vacant lots $220,000 each in value
- if then construction loan was in name of male applicants spouse or joint with spouse, would the spouse be entitled to tax benefit because purpose was construction of the new properties... Or is it based on the title ownership?
Ifthe property ownership is in single name but mortgage is in joint names, is there a senario were th ATO would look at the debt being tax deductible for both? Or in the case of the ATO do they soley look at title ownership?
Example
- property purchase in male applicants name for $335,000
- current loan in just MA name $175,000
- property demolished and subdivided now two vacant lots $220,000 each in value
- if then construction loan was in name of male applicants spouse or joint with spouse, would the spouse be entitled to tax benefit because purpose was construction of the new properties... Or is it based on the title ownership?