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Inherited property

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Mitch | 17 Jul 2013, 05:10 PM Agree 0
Hi I inherited a 1/8th share portion of our family home after my fathers death 7 years ago. The new wife of our father got 60% and has lived there free of charge ever since. We (myself and other siblings ) pay our proportion of rates and other outgoings for the property (as does his wife).
Firstly; can this property be treated as an "investment property" for taxation purposes.?
And if so
Are we able to claim these expenses as a loss ?
Cheers
  • Eos Property | 08 Aug 2013, 11:14 AM Agree 0
    Not an accountant but based on what you have said I would say no. Recommend you do speak to an accountant.

    That is unless your step mother is paying you market rent (or portion there of)

    As an aside - the messy ownership of the property means it is not much use to you as a financial asset. The mixed ownership means banks are highly unlikely (without complex legal advice) to use the property as security for any future borrowings you may want to do.

    Recommend you look at ways of having your share bought out.

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