Lets say 10 people got together and bought a 300k property with 7% yield. Cash contribution of 30k+stamp duty each. So no mortgage (to protect all owners against joint liability).
The yield would cover all expenses and with depreciation (with up to total $3,000 per item claimable upfront), there may be less tax to pay if any.
If an owner draws on personal mortgage to fund the contribution, she/he can claim that interest as well if negative gearing attracts.
Pros and cons of this?
The yield would cover all expenses and with depreciation (with up to total $3,000 per item claimable upfront), there may be less tax to pay if any.
If an owner draws on personal mortgage to fund the contribution, she/he can claim that interest as well if negative gearing attracts.
Pros and cons of this?
multiple owner property
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