I own a rental property in an LTC. I'm the sole owner and director. My fiance also owns a rental property but in her own name.
My fiance and I live currently in a flatting situation but we want to move into my rental property.
I've looked at IRD and they deem moving into live in the LTC rental for anything other than dire extreme circumstances tax avoidance and is a big no no.
Then there is the option of selling the property to myself and living in it. It doesn't fall into the bright line/capital gains as I bought it several years ago.
I've got 3x fixed loans on the property which finish their terms in June 2016, 2017 and 2018. Not sure from a bank perspective if I sold to myself and refixed again if there would be break fees involved?
Also going forward if we decided to live elsewhere and rent out this property again thinking it would be easier if it was owned in my own name/our own names going forward.
Thoughts?
My fiance and I live currently in a flatting situation but we want to move into my rental property.
I've looked at IRD and they deem moving into live in the LTC rental for anything other than dire extreme circumstances tax avoidance and is a big no no.
Then there is the option of selling the property to myself and living in it. It doesn't fall into the bright line/capital gains as I bought it several years ago.
I've got 3x fixed loans on the property which finish their terms in June 2016, 2017 and 2018. Not sure from a bank perspective if I sold to myself and refixed again if there would be break fees involved?
Also going forward if we decided to live elsewhere and rent out this property again thinking it would be easier if it was owned in my own name/our own names going forward.
Thoughts?
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