From: Ken .
I have 4 property's, 2 in my name and 2 in my wife's name. All the loans are in both our names.
My question is how is the income (rent) and deductions dispersed between us?
Is it based on the shared borrowings, eg half the income and deductions from each property is allocated to us evenly.
Or is it based on ownership, eg on property in my name, I receive the income and all the deductions
Or is it some combination of both?
I have the problem that most of us face, finding a good accountant that knows the ins and outs of property investment.
Before I continue my search, I would appreciate any feedback on this, thanks in advance.
Ken
(if anyone has found one of these rare species with a habitat in the n/w area of Sydney, I would be very glad to learn of it's hiding place)
I have 4 property's, 2 in my name and 2 in my wife's name. All the loans are in both our names.
My question is how is the income (rent) and deductions dispersed between us?
Is it based on the shared borrowings, eg half the income and deductions from each property is allocated to us evenly.
Or is it based on ownership, eg on property in my name, I receive the income and all the deductions
Or is it some combination of both?
I have the problem that most of us face, finding a good accountant that knows the ins and outs of property investment.
Before I continue my search, I would appreciate any feedback on this, thanks in advance.
Ken
(if anyone has found one of these rare species with a habitat in the n/w area of Sydney, I would be very glad to learn of it's hiding place)
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