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Husband and wife Interest claiming, joint loan split but individual investment portfolios

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Newbie

Replies 1

Hi 

@macfanboy  &

@Bruce4Tax 

Thank you both for your help, I will take both of your advice to my tax guy to explore what the best options is for us.

 

i also have another quick question if you don't mind.

 

Q When borrowing from a bank to buy shares. Obviously the interest is claimable as a loss against any income(dividends) from the shares(investment).  To make this tax deduction on interest allowable, do the shares actually have to produce an income(dividends)????

The reason I ask is I remember there being some grey area around if you bought a vacant block of land with nothing built on it you couldn't negative gear and claim the interest as it's not producing any income.  I might have that totally wrong but I'm sure you guys sort of know where I'm coming from.

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ATO Certified

Community Support

Replies 0

Hi@Breck

 

Thanks for the query .

 

The easiest way to answer your question is to refer you to Interest, dividend and other investment income deductions on our website. You will see it is pretty straight forward in allowing investment deductions if it matches the criteria described.

 

Thanks again

MarkA