Hi,
I am planning on seeing an accountant soon but thought I'd ask some advice anyway...
Here's the situation:
- IP property purchased in 2009 with then spouse 50/50 ownership
- we divorced in 2012 but could not sell IP without making big loss (house now valued at 20% less than purchase price)
- property transferred into my name only in Jan this year (we wanted to have our finances separate)
- before transfer both my ex and I decreased the mortgage I would have to take on by paying $15k each (total $30k) previous mortgage. I then refinanced concurrent to the transfer
- property has been tenanted from day one
- property is negatively geared
Questions:
- do I need to have two rental schedules for the IP in my tax return? One showing 50/50 ownership until Jan and one showing 100% from Jan?
- can I claim loan establishment fees etc from the initial purchase in 2009 as well as the fees from this years loan establishment? Or does that reset with the recent transfer?
- are there any CGT tax (loss) impacts regarding the transfer - For my ex or me? The transfer consideration was only $1.
- would this transfer impact the depreciation schedule?
- is there anything else I should be aware of in this situation?
Thanks
CPCI
I am planning on seeing an accountant soon but thought I'd ask some advice anyway...
Here's the situation:
- IP property purchased in 2009 with then spouse 50/50 ownership
- we divorced in 2012 but could not sell IP without making big loss (house now valued at 20% less than purchase price)
- property transferred into my name only in Jan this year (we wanted to have our finances separate)
- before transfer both my ex and I decreased the mortgage I would have to take on by paying $15k each (total $30k) previous mortgage. I then refinanced concurrent to the transfer
- property has been tenanted from day one
- property is negatively geared
Questions:
- do I need to have two rental schedules for the IP in my tax return? One showing 50/50 ownership until Jan and one showing 100% from Jan?
- can I claim loan establishment fees etc from the initial purchase in 2009 as well as the fees from this years loan establishment? Or does that reset with the recent transfer?
- are there any CGT tax (loss) impacts regarding the transfer - For my ex or me? The transfer consideration was only $1.
- would this transfer impact the depreciation schedule?
- is there anything else I should be aware of in this situation?
Thanks
CPCI