Hiya SS
I have the following scenario
IP1 - Joint ownership
- Loan 1 loan for the property joint name, interest is deductible 50/50
- Loan 2 new loan of $13K joint name, currently 2/3rd used to pay IP2 renovation
IP2 - my name only
- Loan 1 loan for the property, joint name
Questions:
I have the following scenario
IP1 - Joint ownership
- Loan 1 loan for the property joint name, interest is deductible 50/50
- Loan 2 new loan of $13K joint name, currently 2/3rd used to pay IP2 renovation
IP2 - my name only
- Loan 1 loan for the property, joint name
Questions:
- Would IP1 loan 2 interest deductible 100% to my name, or is it 50/50?
- I have some repairs coming on IP1 and thinking of using the remainder 1/3rd to pay for this. Would there be tax implications? e.g. Do I need to apportion the interest of IP2 reno and IP1 repairs for loan #2?
- If in the future I access IP2 equity (say IP2 loan 2), and buy IP3 under husband name, would this be deductible against my name?