Is it possible to refinance a property that is on both husband and wife names, and put the loan on the name of the higher earner for tax purposes?
May God prosper you always.[biggrin]
MarcHi Marc,
Mot sure but I understand there are some states (Vic?) that allow such a transfer under some circumstances. Not sure how restrictive the conditions are and I am sure some ‘locals’ may be able to help.
Any thoughts about the higher income person buying out the lower income person’s share?
Sure the lower income person will incur CGT but they may choose to put the proceeds of the sale onto the home loan and reduce the non-deductible debt. If the lower income person is on low/no income the CGT bill will be negligible too.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Actualy this was imstructed to me by my ex accountant who I have since fired for unrelated matters.
The title is unchanged, only the loan is now on the higher earner’s name only.
I have yet to go to my new accountant with the mess.May God prosper you always.[biggrin]
MarcHi MArc,
Take Two – the names on the title will determine who gets to claim and declare how much in accordance with proportional ownership as identified on the title.
As such shifting the loan into the higher income earners name will not affect the tax situation.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
I see. It was too easy. I had the suspicion something was wrong.
Boy o boy am I glad I fired that accountant.May God prosper you always.[biggrin]
Marc
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