Two loan applicants,one owner/investor - Tax treatment

[cgw]

Hi,
I am in the same boat as you. To get money for the next IP, the bank will only lend me the money if the LOC is in both names. My acct said, My partner then gives me his share of the LOC, and I claim all the of income and expenses on my tax, and my parter does nothing. This is for the 20% deposit only.
Remember, it is the purpose of the loan.
But I am still a bit confused

 

[Spectre]

cgw
I think thats what your accountants on about - its the purpose of the loan AND the ownership of the asset that you're buying with it which would determine it