We have a LOC now available after paying off PPOR. This LOC is under both my wife and my name.
We are wanting to purchase an IP and take on a fixer upper project under my wife's name.
Reason is that my wife does not work and has capital gains losses she is carrying from GFC share disaster.
So ... can we purchase IP under my wife's name and deduct all interest from our loan even though loan is under joint name ?
The challenge is getting a loan under my wife's name only as she in not employed.
Appreciate any input/thoughts on situation above.
We are wanting to purchase an IP and take on a fixer upper project under my wife's name.
Reason is that my wife does not work and has capital gains losses she is carrying from GFC share disaster.
So ... can we purchase IP under my wife's name and deduct all interest from our loan even though loan is under joint name ?
The challenge is getting a loan under my wife's name only as she in not employed.
Appreciate any input/thoughts on situation above.