Hi ATO Community,
I am seeking general guidance regarding the tax deductibility of interest on a loan used for debt recycling in a joint-borrowing scenario.
Our scenario -
Property Ownership: The property title is in one name only (sole owner).
Loan Structure: The mortgage is in both names (joint borrowers).
Repayments: Both borrowers are currently contributing to the loan repayments from joint bank accounts.
Given this, am I entitled to claim 100% of the interest deduction on my tax return, or does the joint nature of the loan and repayments require the deduction to be split 50/50?
Thank you
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112 views
3 replies