Hello All,
Me and one of my friend is planning to build a house each and are also planning to live as tenants.
Is this legal? Can I claim tax deductions + Negative Gearing?
Hypothetically, if a house costs 550K and if we rent this out to each other at $420 a week.
Effectively, the interest on 550K per year is 31,000 (@7%) and our rental incomes could be 21,000. WE will be negatively geared by 10K a year
Will this arrangement work?
Me and one of my friend is planning to build a house each and are also planning to live as tenants.
Is this legal? Can I claim tax deductions + Negative Gearing?
Hypothetically, if a house costs 550K and if we rent this out to each other at $420 a week.
Effectively, the interest on 550K per year is 31,000 (@7%) and our rental incomes could be 21,000. WE will be negatively geared by 10K a year
Will this arrangement work?