- TruskaMember@truskaJoin Date: 2003Post Count: 20
I now own a few investment properties with my brother and sister, 3rd shares each (bought last November).
If we incur separate costs (eg one of us pays for a new letter box), can that individual claim the cost as a full tax deduction, or does the cost have to be pooled and then claimed equally. Meaning that as far as the ATO is concerned we all paid for it, regardless of where the funds came from.
TjudiMember@judiJoin Date: 2004Post Count: 119
Did you guys buy these as a business or company or anything?
If you bought as individuals I would guess that whoever buys the letterbox claims the deduction (if it was maintenance and not an improvement).
No doubt someone else can give you an exact answer.
JudiTruskaMember@truskaJoin Date: 2003Post Count: 20
We bought them as three Siblings trying to give each other a leg up. No company etc, just in three names.
The power of three is greater than the power of one
(at least when it comes to buying power)
TCeliviaParticipant@celiviaJoin Date: 2003Post Count: 886
Hi again Truska, just talked to you in the other post!
Did you buy it as tenants in common or joint tenants?
Not that I know the answer to your question but just interested.
TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
I think you can only claim in proportion of ownership.
Discover Home Loans