Mr Eastwood
Registered User
- Messages
- 27
My son and I are buying a house jointly for investment. Ownership will be split 2 thirds/1third. I will be paying cash for my 2 thirds and my son will be getting a mortgage for most of his third. Because my sons wage is low he will only get a mortgage if it is done in joint names.
This raises 2 questions, one legal and the other is tax/financial related, but I realize I am not allowed ask the same question in two forums
1/ Is it legally possible to have a house jointly owned and split as described above. (I am guessing that will not be a problem)
2/ When we receive income from the property will the tax man tax us in accordance with our 2 thirds/1 third ownership arrangements. Even though it will be a joint mortgage my son will be paying the entire mortgage. I already am on the 41% tax rate and my son on the 20% rate.
Any info would be greatly appreciated
This raises 2 questions, one legal and the other is tax/financial related, but I realize I am not allowed ask the same question in two forums
1/ Is it legally possible to have a house jointly owned and split as described above. (I am guessing that will not be a problem)
2/ When we receive income from the property will the tax man tax us in accordance with our 2 thirds/1 third ownership arrangements. Even though it will be a joint mortgage my son will be paying the entire mortgage. I already am on the 41% tax rate and my son on the 20% rate.
Any info would be greatly appreciated