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Re: Income tax deductions on joint home loan, but single owner leasing/renting

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Newbie

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Hi,

My wife is a sole proprietor of an investment house, which is being rented out. The lease agreement is only under her name. However, the home loan for that property is under both of our names.

 

In terms of income tax deductions (like maintenance cost, agent fee, interest on this investment home loan, letting cost, etc), can we both claim 50% each?

 

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Hi @Arvy,

 

Thanks for your question.

 

As @macfanboy advised your wife would claim 100% of the interest and deductions as she is the owner. The names on the loan  do not relate to the property ownership.

 

Thanks

 

KylieS

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Devotee

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No only she can claim the interest at 100%.

Best answer

Community Support

Replies 0

Hi @Arvy,

 

Thanks for your question.

 

As @macfanboy advised your wife would claim 100% of the interest and deductions as she is the owner. The names on the loan  do not relate to the property ownership.

 

Thanks

 

KylieS

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