I currently live in the US and rent out a property in Wellington. The property does not make any money and I have to top up the mortgage every month. Recently the house has needed some expensive work done (new water heater, painting etc). I understand I cannot claim the expenses back as there is no income to claim it against, but can I claim back the GST? If so how would I go about this, should I set the property up in a trust?
When do you stop being an investor and start being a trader?
Hi, I would like to ask if it is possible to transfer my personal debt to my rental property. Currently I have a rental property that has a $300,000 mortgage, the market value right now would sit around $420,000. I also have a personal property that has a $490,000 mortgage with a market value around $600,000. Is it possible to sell my rental property to my newly formed look through company (LTC) at the market value of $420,000? Then use the "profits" made to pay my own property's mortgage? Basically shifting my personal mortgage to my LTC for tax reasons? Thanks.