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From: Harry C
Hi,
I have 2 IP. The first one is under one name (me) and the second one is a joint tenant with my wife. My income is higher than my wife's income. I plan to revalue and refinance my first IP which is under my name and borrow more say up to 80% of the value and then use the money to pay the second IP (joint tenant).
My question is could the interest on the loan of the first IP be used to deduct my taxable income. My accountant said since the purpose of the money is to finance the second IP which is a joint tenant, the interest or lost of income needs to be equally shared between me and my wife.
Is that right?
Thanks
Hi,
I have 2 IP. The first one is under one name (me) and the second one is a joint tenant with my wife. My income is higher than my wife's income. I plan to revalue and refinance my first IP which is under my name and borrow more say up to 80% of the value and then use the money to pay the second IP (joint tenant).
My question is could the interest on the loan of the first IP be used to deduct my taxable income. My accountant said since the purpose of the money is to finance the second IP which is a joint tenant, the interest or lost of income needs to be equally shared between me and my wife.
Is that right?
Thanks
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