I have borrowed money from the Bank to purchase investment shares. I am the sole owner of the investment shares. But the investment loan is in the joint name with my spouse. Can I claim 100% of the interest paid on the joint investment loan?
Hi @Pari2025,
No, you can't claim 100% of the interest paid.
If you have a joint account, you can only claim your share of the fees or expenses. In your case, you can only claim half of any allowable deductions.
Thanks Rachel,
Thanks for your response.
I think I need to better explain and clarify my question. The loan is in my partner and my name, the entire loan is used to buy an income producing asset (shares) in my name only, and I am the one declaring the income. Am I able to claim 100% of the interest deductions?
I have found this answer in the community: https://community.ato.gov.au/s/question/a0JRF000000rot7/p00278008, however, it's from 6 Feb 2024, and I need a more recent confirmation from the ATO, please.
Appreciate your response.
Thanks,
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