My situation :
Current situation
2 property
A & B
I am living in A property which has a loan of 135K
i have used the equity on Property A to buy property B
B has a loan of 412K
Now i want to move in Property B and make Property A my investment property
Can i sell the property in a Trust and use all the money from the sale to offset B property (that way i live in B and don't pay any mortgage on it)
If I sell A in Trust, do i get tax benefit.
Can i take Loan for Property A on my Personal name.
if no, who can get a loan to buy the property (eg Company - if yes -> do i have to form a company)
if yes, Can I claim tax on the interest I pay on Property A Loan on my personal tax return
if no, then what happens to the interest money i pay
Will i be able to get negative gearing on the Property A (Stampduty / Rates / Land Tax / Agent Fee / Maintaince / accounting fee (basically all the expense))
If no, then what happens to the negative amount, does it get absorbed in the next year.
If i make profit on the Property A, do i get them (All expense - Rent)
Is there any Trust which fits this situation ?
How difficult is all this ? Is this legal and right, will ATO knock on my door
How much does it cost to set up a trust ?
How much does it cost for Accounting and filling of tax return for a Trust ?
I hope i have not confused anyone ?
Current situation
2 property
A & B
I am living in A property which has a loan of 135K
i have used the equity on Property A to buy property B
B has a loan of 412K
Now i want to move in Property B and make Property A my investment property
Can i sell the property in a Trust and use all the money from the sale to offset B property (that way i live in B and don't pay any mortgage on it)
If I sell A in Trust, do i get tax benefit.
Can i take Loan for Property A on my Personal name.
if no, who can get a loan to buy the property (eg Company - if yes -> do i have to form a company)
if yes, Can I claim tax on the interest I pay on Property A Loan on my personal tax return
if no, then what happens to the interest money i pay
Will i be able to get negative gearing on the Property A (Stampduty / Rates / Land Tax / Agent Fee / Maintaince / accounting fee (basically all the expense))
If no, then what happens to the negative amount, does it get absorbed in the next year.
If i make profit on the Property A, do i get them (All expense - Rent)
Is there any Trust which fits this situation ?
How difficult is all this ? Is this legal and right, will ATO knock on my door
How much does it cost to set up a trust ?
How much does it cost for Accounting and filling of tax return for a Trust ?
I hope i have not confused anyone ?