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From: Gayle Harvey
Can I get opinions please on whose name to put a property in. My partner is in the top tax bracket and our accountant always says his for the tax advantages, and he may be correct but I am taking a longer time view.
Thinking I need a new accountant too who has a wider view and more than 5 minutes to spare.
We own our own home in both names. We have an investment property worth 135,000 rented @ $150pw in his name which we have had tax deductions on for 5 years, we now owe 85,000 on this. We are now buying another investment home for 50,000 and it will rent for $150pw also. This is the one I am not sure about?
We have just bought our dream block of land where we want to live with river views and want to build and move there in the next couple of years. When we want to move the plan is to sell the original investment, hopefully then worth at least $150,000 and paid off to build our new home with no debt, we will then have our own home and the new one and a 50,000 loan with both rents returning $300 a week. My partner will then be on a lower wage and I will have no income, so it seems smarter to me for us to put the new home in my name and then most of the rental income will be mine with less tax to pay as I will have half share in one and full owner in other. We will be keeping both these properties longterm. And besides with a 50,000 loan returning 150pw wouldn't this loan be +ive from day 1 anyway.
Hope this is not confusing ... on re-reading it seems to be to me. If you follow, opinions most appreciated.
Thanks
Ank
Can I get opinions please on whose name to put a property in. My partner is in the top tax bracket and our accountant always says his for the tax advantages, and he may be correct but I am taking a longer time view.
Thinking I need a new accountant too who has a wider view and more than 5 minutes to spare.
We own our own home in both names. We have an investment property worth 135,000 rented @ $150pw in his name which we have had tax deductions on for 5 years, we now owe 85,000 on this. We are now buying another investment home for 50,000 and it will rent for $150pw also. This is the one I am not sure about?
We have just bought our dream block of land where we want to live with river views and want to build and move there in the next couple of years. When we want to move the plan is to sell the original investment, hopefully then worth at least $150,000 and paid off to build our new home with no debt, we will then have our own home and the new one and a 50,000 loan with both rents returning $300 a week. My partner will then be on a lower wage and I will have no income, so it seems smarter to me for us to put the new home in my name and then most of the rental income will be mine with less tax to pay as I will have half share in one and full owner in other. We will be keeping both these properties longterm. And besides with a 50,000 loan returning 150pw wouldn't this loan be +ive from day 1 anyway.
Hope this is not confusing ... on re-reading it seems to be to me. If you follow, opinions most appreciated.
Thanks
Ank
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