Not sure if this is a confusing one or not.
My mother is building a house which is almost finished, she had 85% of the cash to build and I've funded the remainder so there was no mortgage against it.
Now it's almost complete she wants to be able to help me financially further, whilst still protecting her asset.
Can she be on the title and live in the house rent free, whilst I can still claim all the expenses for tax purposes as an investment property, while still being protected from banks and potential future partners.
I have 3 other investment properties in Auckland each with separate banks. This property of hers would also be with another bank and a revolving credit type facilities or the use of it as security would be set up with the intention of further investment.
My concern is if she's on the title not paying rent, is this considered her PPOR and thus voiding it as an investment property myself.
And If it's in a trust then I can no longer claim expenses against my income?
I hope I'm asking the right question or any any suggestions fire away!
My mother is building a house which is almost finished, she had 85% of the cash to build and I've funded the remainder so there was no mortgage against it.
Now it's almost complete she wants to be able to help me financially further, whilst still protecting her asset.
Can she be on the title and live in the house rent free, whilst I can still claim all the expenses for tax purposes as an investment property, while still being protected from banks and potential future partners.
I have 3 other investment properties in Auckland each with separate banks. This property of hers would also be with another bank and a revolving credit type facilities or the use of it as security would be set up with the intention of further investment.
My concern is if she's on the title not paying rent, is this considered her PPOR and thus voiding it as an investment property myself.
And If it's in a trust then I can no longer claim expenses against my income?
I hope I'm asking the right question or any any suggestions fire away!
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