Very specific circumstances - Joint Mortgage, Split Up, Australia

New-Bee

Registered User
Messages
1
This is not so much a question as a note on my experience that may be of use to a few people on here ....and possibly more on the mortgage arrears/negative equity forum...i haven't seen anything else on this on here so I thought i would post my experiences.

Short history - large mortgage at the top of the market, joint with ex, acrimonious split, i eventually went to Australia, place is now rented, i have topped up the mortgage and paid all other costs...it adds up.

Fully compliant in both countries - income from rental is declared in Aust and all necessary payments and registrations made in Ireland (prtb etc)

Looking into how i could ease the burden over here of my 'investment' in Ireland I discovered i could
  • get a depreciation agent to prepare a depreciation schedule on my place in Ireland (took me quite a while to find a registered deprecation agent who would prepare a schedule on a place in Ireland and had to send them on a lot of info to facilitate their work)
  • set of the interest cost
  • set of quite a few other related costs
  • set of the cost of getting the depreciation agent to prepare the report
  • set of that proportion of travel costs back to Ireland that related to my property (re-tenanting, checking/fixing property
All this is declared in my income tax statement over here and set of against income tax paid. The depreciation charge in particular changes the economics of holding onto my place in Ireland and it will continue reducing my income tax for quite a number of years yet (so long as they don't change the tax code over here).

Like so many other with joint mortgages i haven't been able to work things out with the banks or ex yet...but the burden has been eased considerably...as i said in the title, very specific circumstances but hopefully this might help a couple of other forum members or people they know.
 
Back
Top