Hi PT,
If I were to sell the property from my personal name to Trust, with Trust refinancing the loan currently under my personal name. I will be living in the property. Just wonder can I still make payments from my personal income to repay the loan down? (as the trust itself does not have any income), or will the loan payments from me be treated as gifting?
Also if the trust does not have any income, but has a loan, does it need to file tax return or not?
Any clarification on this will be great. Many thanks.
If I were to sell the property from my personal name to Trust, with Trust refinancing the loan currently under my personal name. I will be living in the property. Just wonder can I still make payments from my personal income to repay the loan down? (as the trust itself does not have any income), or will the loan payments from me be treated as gifting?
Also if the trust does not have any income, but has a loan, does it need to file tax return or not?
Any clarification on this will be great. Many thanks.
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