% neg gearing

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From: Graeme Palmer


HI ALL,
1/2 WAY THROUGH JANS BOOK AND SCANNING THE FORUM DECIDE ITS TIME AND JUMP IN THE DEEP END WITH 425000 I.P SETTLE FRI WEEK.DIFF WILL BE ABOUT 110 A WEEK. - GEARED 90% AGAINST WIFE AND 10% ME. LOSS OFF 14600 STAMP DUTY.DO IT ALL AGAIN IN 2 MONTHS TIME - GEAR AGAIN ONLY LOSS 2X STAMP DUTY.FINISH JANS BOOK AND DISCOVER CONTRACT NEEDS TO BE IN TENNANTS IN COMMON NOT COMMON TENNANTS.RING SOLICTOR SAYS IT COULD BE TO LATE.AM I WORRIED ABOUT NOTHING. I ONLY PAY 1000-2000 A YEAR IN TAX SPLIT IS ONLY A 4000 CLAIM A YEAR.HEEEEEEEEELP. SLEEPLESS IN SYDNEY
 
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Reply: 1
From: Simon H


Hi Graeme

You wrote
DISCOVER CONTRACT NEEDS TO BE IN TENNANTS IN COMMON NOT COMMON TENNANTS

In NSW there is no such thing as common tenants,do you mean the contract states tenants in common in equal shares and you want to hold the property as tenants in common in 90/100 and 10/100 shares ?

Have contracts been exchanged yet?
has stamp duty been paid?

Simon H
 
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From: Graeme Palmer


HI SIMON, THANKS FOR YOUR REPLY,YOUR RIGHT, AS TENNANTS IN COMMON IT IS EASIER TO APPORTION UNEQUAL PERCENTAGES IN OWNERSHIP.I WAS HOPEING TO HAVE WIFE 90% AND MYSELF 10% TO TAKE ADVANTAGE OF NEGATIVE GEARING.SETTLE ON FRI 26 APRIL. SOLICTOR TRYING BUT WORRIED ABOUT TIME FRAME.50%-50% SPLIT IS NOT VERY APPEALING IF LOCKED IN AS JOINT TENNANTS.
 
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