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The REAG mentioned below is Ozzie Jurock's Real Estate Advisory Group. =
I recommend that you find out more at www.jurock.com
david
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David
I sent you this e-mail earlier on the same day that you sent out your =
e-mail advising of the changes that were happening in your life. I am =
therefore not sure that it would have got to you and am therefore taking =
the liberty of forwarding it to your new e-mail address. Please forgive =
me if you got it and now I am cluttering up your in-box. =20
I wish you well in your new (ad)venture and strength of spirit during =
challenging times.
CXXXXXXXXXXXXXX
Hi David
I am in Ozzie's REAG group. Would you be so kind as to help me with the =
following:
I and my common-law partner of many years, would like to start investing =
in some Revenue Properties. =20
Question1: I am not sure whether we should register the properties in =
both our names or whether each property should be purchased in our =
individual names or alternatively in only one of our names? If we were =
to purchase in both our names we would each put in towards the initial =
downpayment from our individually held bank accounts. Right now the only =
property I own is the property we live in and my partner owns no other =
property (I am thinking Capital Gains advantages, if any).=20
Question2: The home we live in is registered in my name only and I have =
arranged my affairs according to advice you have given me previously so =
that any deposit monies would be funded by my line of credit/mortgage on =
my home so that I could enjoy "mortgage interest deductability". I =
would assume that if we were to buy the properties in both our names =
and I put in say 70% of the downpayment and my partner put in 30% that =
we would need to reflect any losses or gains that we make on rental =
income or future capital gains in our tax returns according to those =
percentages? Also, lets assume that if one of us funded the initial =
downpayment from our own bank account but the property was registered in =
the other partner's name, would it then be incumbent on the partner who =
funded the deposit to claim the rental losses/gains and future capital =
gains/losses notwithstanding that the property was not registered in =
their name and that the registered partner on title had possibly paid =
the monthly maintenance expense etc?
Thanks very much for your time in relying. I really do appreciate your =
generosity. Centapede is the mail I most look forward to in my mailbox =
each day.
Sincerely
Charles Burgess
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david ingram replies:
I am still getting all my mail although there was some confusion at the =
start and I am still looking after old clients, etc at the old office. =
I will not move to the new one until Nov 1st.
1. In a common law ujion, it does not matter whose name the property =
is registered in. The tax act is very clear that rental profit or loss =
should be on the return of the partner who put the money in. You may =
want to have one of you pay everything for one and the other pay =
everything for another property and still put them in Joint tenancy with =
right of survivorship fopr estate purposes. =20
This all revolves around family facts. For instance, one of you may =
have children they want looked after and the other has no children. One =
of you may still be legally married to a former spouse.
2. If one puts up the down payment and the other carries the =
operating costs, the inputs change on a monthly basis. To be perfect, =
you need a spreadsheet or a good notebook to record input percentages =
for the two of you.
I hate to be commercial, but "BOTH" of you should come in with a list of =
what you own, what you owe and a written plan sas to what you want to =
accomplish. It will cost you but be worth it.
Thanks for the good wishes.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321=20
New email to [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed =
information or consultation and is to be regarded only as general =
comment. Nothing in this message is or should be construed as advice =
in any particular circumstances. No contract exists between the reader =
and the author and any and all non-contractual duties are expressly =
denied. All readers should obtain formal advice from a competent and =
appropriately qualified legal practitioner or tax specialist in =
connection with personal or business affairs such as at www.centa.com. =
If you forward this message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
=20
This from "ask an income tax and immigration expert" from www.centa.com =
or www.jurock.com or www.featureweb.com. Davidi Ingram deals daily with =
tax returns dealing with:
multi jurisdictional cross and trans border expatriate problems for the =
United States, Canada, Mexico, Great Britain, the United Kingdom, =
Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New =
Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, =
Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, =
Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, =
Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, =
Grenada,, Virgin Islands, US, UK, GB, and any of the 43 states with =
state tax returns, etc.
. =20
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