Hi All,
I have a situation where I'm trying to create a structure that will be legal, best for tax purposes and simple.
At the moment I have my own home, which I'm selling because I'm moving to Australia. Yes, I have already gone through the process of weather I should sell it or keep it and rent it out. I'm selling.
I have a Family Trust.
I have an LTC Company with 2 other rental properties.
Because I'm moving to Australia, I will have no income to offset any loses made from the LTC. This essentially makes the LTC not worth while. I have no recovered depreciation owing on one of my properties. It was only build in August 2011 and I have only just moved to an LTC. The other property has recovered depreciation of $18,000, but I'm not worried about this property - it pays for itself.
The newly built property has a $515,000 mortgage. It's rented currently and is negatively geared.
When I sell my own Home I'll have almost $400,000 in the Bank.
I have found an account used as an Offset can not be linked to a mortgage used for Properties in a Company or a Trust.
I want to do the following:
- Move the newly built rental out of the LTC and move into my own name.
- Use the $400,000 as an offset against the Mortgage for the newly built rental
However, if there is a better way - I'm all ears
Thanks in advance!
MrPTSai
I have a situation where I'm trying to create a structure that will be legal, best for tax purposes and simple.
At the moment I have my own home, which I'm selling because I'm moving to Australia. Yes, I have already gone through the process of weather I should sell it or keep it and rent it out. I'm selling.
I have a Family Trust.
I have an LTC Company with 2 other rental properties.
Because I'm moving to Australia, I will have no income to offset any loses made from the LTC. This essentially makes the LTC not worth while. I have no recovered depreciation owing on one of my properties. It was only build in August 2011 and I have only just moved to an LTC. The other property has recovered depreciation of $18,000, but I'm not worried about this property - it pays for itself.
The newly built property has a $515,000 mortgage. It's rented currently and is negatively geared.
When I sell my own Home I'll have almost $400,000 in the Bank.
I have found an account used as an Offset can not be linked to a mortgage used for Properties in a Company or a Trust.
I want to do the following:
- Move the newly built rental out of the LTC and move into my own name.
- Use the $400,000 as an offset against the Mortgage for the newly built rental
However, if there is a better way - I'm all ears
Thanks in advance!
MrPTSai
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