Hi everyone
I am planning to buy a second property in the near future but there are few things I am unsure about. Any advice & recommendations would be much appreciated:
Situation:
We are lucky enough to buy our first home in 2011 before the boom. It was an ok area but not many good schools around for our daughter. Hence we plan to buy the 2nd property in good school zone. At first we will rent it out but will move in in 2 years.
Question:
Any other recommendation would be great. Thanks
ChloeK
I am planning to buy a second property in the near future but there are few things I am unsure about. Any advice & recommendations would be much appreciated:
Situation:
We are lucky enough to buy our first home in 2011 before the boom. It was an ok area but not many good schools around for our daughter. Hence we plan to buy the 2nd property in good school zone. At first we will rent it out but will move in in 2 years.
Question:
- Should we have it under our personal name or a LTC (I have read couple of property books and they recommend LTC, however I am not convinced)? With LTC you can claim expense back especially good for us in the first few years since we will make loss. It leads to the 2nd question
- Can you claim expense if the property under personal names. If yes, why LTC?
- If we choose LTC and we have to sell the property say in 5 years, do we need to pay capital gain tax?
Any other recommendation would be great. Thanks
ChloeK
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