I have a look through company (LTC) with four rental properties. My bank manager has said the bank can’t offer me a revolving mortgage because my company is a LTC. The manager was unable to explain this further. In 2010 to 2011 I changed my company from the LAQC to LTC after discussing this with my accountant. Should I have made a different decision in 2011 and would it be useful to alter the structure of my company now? If so, what would be the best option?
I currently have a rental property company with four rentals in it. One of the tenants has recently left one of the properties and I decided the property needs a lot of work done on it to make it ready for a new tenant. As such I have moved back into it for what i thought would be a few months but which is likely to extend to 18 months at the current rate.
My own house is now being rented (and tax paid on the profits). My plan is to rent the rental property out again once renovations are complete.
My question is whether I have to pay back the depreciation recovered now - considering I am not selling the property and intend to rent it again?
I was just wondering what sort of property expenses you need to state when gifting as these will increase the amount to forgive.