All Topics / Legal & Accounting / Sharing Costs or not

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of TruskaTruska
    Member
    @truska
    Join Date: 2003
    Post Count: 20

    Hi

    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.

    Thanks

    T

    Profile photo of judijudi
    Member
    @judi
    Join Date: 2004
    Post Count: 119

    Hi Truska

    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.

    Regards
    Judi

    Profile photo of TruskaTruska
    Member
    @truska
    Join Date: 2003
    Post Count: 20

    Hi

    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)

    T

    Profile photo of CeliviaCelivia
    Participant
    @celivia
    Join Date: 2003
    Post 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[:I] but just interested.
    [:)]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    I think you can only claim in proportion of ownership.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    https://terryw.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

    Profile photo of shaunwalkershaunwalker
    Member
    @shaunwalker
    Join Date: 2003
    Post Count: 403

    you will only get one third each… you are in a partnership. if you were in a trust then you could divert it to the person who needed it most.
    cheers
    shaun

    Lead, Follow or get out of the bloody way

Viewing 6 posts - 1 through 6 (of 6 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.