SearchMoving in with parents, LAQC or Trust for own home?
Lucy asks:
(updated on Friday, April 20th 2007)
Our Experts Answer:
From a tax point of view, it is fine to leave the house in the trust as the interest on the loan will be tax deductible. However, if you think that you will not go back to your home to live, then depending on your circumstances, it may be appropriate to sell the house to your LAQC at market value, if you are wanting to maximise the tax effect. In answering the question, you will also need to consider what your long term financial goals are in relation to your property investing, as that will have some bearing on the question.Kenina Court is a director of Acorn Solutions Limited, an accounting firm dedicated to working with clients to help them create wealth. She is an avid property investor, entrepreneur and seminar presenter on asset protection and wealth strategies.
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