Hi
I built a unit in my back yard last year and rent it out as investment property. Can I claim tax deduction on this rental property since it is on the same title as my main residence.
You can claim as a % of your total property. But keep in mind you will pay CGT when you sell on that %. Speak to your accountant.
Definitely speak to a “good” accountant – there’s quite a lot to consider here.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
1. Claim % of ownership and usage
2. if you claim IP % split…than yes you will need to pay part Capital gain tax when you sell as wellSo balance out the options…def sit down with an accountant and work with the 4-5 different scenario and work out which one has the best outcome for your situation.
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
thanks for all your input,much appreciated.
Yes you can claim expenses associated with it. Even if you didn’t claim you would still be subject to CGT
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You must be logged in to reply to this topic. If you don't have an account, you can register here.
