hi,
i purchased an IP with my parents (3 parties on the title) and the title shows "joint tenants".
When we bought the property, we arranged for me to put down 50% of the deposit and fees, and my parents contributed the other 50%, so we gave the bank a combined 10%deposit+fees.
I have been advised by my accountant that for tax purposes, under the "joint tenants" agreement, I am liable for the full mortgage amount but can only claim 1/3 of the expenses. He is not entirely sure, and is seekeing clarification. Does anyone know if the above is true or false? ......DaleGG please comment.
And how is "tenants in common" different?
CB
i purchased an IP with my parents (3 parties on the title) and the title shows "joint tenants".
When we bought the property, we arranged for me to put down 50% of the deposit and fees, and my parents contributed the other 50%, so we gave the bank a combined 10%deposit+fees.
I have been advised by my accountant that for tax purposes, under the "joint tenants" agreement, I am liable for the full mortgage amount but can only claim 1/3 of the expenses. He is not entirely sure, and is seekeing clarification. Does anyone know if the above is true or false? ......DaleGG please comment.
And how is "tenants in common" different?
CB