Negative Gear Your Old Main Residence
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- Опубліковано 3 жов 2024
- == ASK ME A QUESTION ==
/ economista
/ tetracarbon
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Contact Bill Mavropoulos CA
bill@carrazzo.com.au
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This video is educational in nature and addresses a hypothetical situation. This video does not constitute legal advice. Always seek professional advice for your situation. Legal analysis may change with new court rullings or adjustments to legislation.
There are always risks. Always.
Seek advice.
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Music produced by Material Wonders - materialwonders.com
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Happy Studies!
-Phillip
thx , very informative video
That's great sir. My in laws are in same situation right now. They are looking to buy new bigger house and sell their current residence. I understood first 3 options but option 4 I didn't get it about off set account.
+Samar Awan Option 4, using offset accounts is actually the SAFEST in terms of tax law and it's probably the best default strategy anyway. I was really just going to make a video on the use of offset accounts, but my friend Bill decided to look at all the other options as well, so I made that video instead. If you are still confused about offsets, perhaps I will go ahead and make a video JUST on the offset option to explain it more fully.
Look... also, if your in laws have a problem, please see a registered tax agent. UA-cam comments are great for basic ideas and concepts, but they are never "financial advice". You really do want to get these things right!
thank you Phillip for your prompt response. I just want them save money in the process of buying new house.
Hey Phillip. Great video. If a person has paid amounts in advance, and their bank allows you to draw these funds back, what happens? IE>>> Lets say original loan = $200,000. P&I Payments to date = $50,000. Payments in advance = $50,000. If the taxpayers draw the 50k in advance back, does this allow them to use $150,000 as the tax deductible amounts?
Emphatically no. The law pretty much sees this as a "new loan", and thus the deductibility will depend (afresh) on what the money is used for, which is usually for private consumption. You end up with a mixed purpose loan which is all kinds of tax accounting hell. Have a google search for "TR 2000/2" for more information.
law.ato.gov.au/atolaw/view.htm?docid=TXR/TR20002/NAT/ATO/00001
Lol i thought as much but had to ask.