| Having joint ownership of your home can cause | | | | more control over your property in case of divorce, |
| confusion when it comes to finding out who is entitled | | | | death or dispute. Holding as joint tenants with equal |
| to the tax deductions. Consulting a professional is | | | | shares makes no sense if investment from each party |
| always a recommendation, but for more advice read | | | | is not equal. |
| the tax tips for joint home ownership. | | | | Tax tips for joint home ownership for the purposes of |
| Firstly to optimise use of the tax tips for joint home | | | | couples or married couples filing jointly, you just deduct |
| ownership it is important that you understand what kind | | | | the mortgage interest from your total combined |
| of joint ownership that you have entered into. A "Joint | | | | income. If you file separately from the other home |
| tenants with right of survivorship" JTWROS, each of | | | | owner, then you must claim the portion of the |
| the owners are considered to have 100% ownership | | | | deductions that you pay for, and only the ones you |
| of the property, so for example if one of the tenants | | | | pay for. |
| dies the other remains to own the whole property and | | | | Planning and using this tax tip for joint home ownership |
| the removal of the deceased can be taken from the | | | | allows you to think long and hard before going ahead |
| deeds. The most popular use of "Joint tenants" is in a | | | | with joint ownership as you will have to split the loss no |
| marriage situation. Joint tenants cannot sell their share | | | | matter what the situation for each person. If one |
| of the property without the permission of the other | | | | partner for example is in a high tax bracket and the |
| joint tenant. | | | | other is not you will still have to split the losses, |
| A "Tenants in common" TIC were each person is | | | | therefore not gaining benefit of claiming the loss on the |
| considered to own a portion of the property usually 50 | | | | high tax bracket. |
| 50, depending on the amount each had invested at the | | | | Another great tax tip for joint home ownership |
| time of purchase. Shares can also be unequal 60/40 | | | | applying to married couples or co-habiting couples is to |
| for example. Each of the tenants can sell their share | | | | allow the person with the higher income to make |
| of the property with out consent of the other. If one of | | | | property payments. Allowing one partner to become |
| the tenants passes away, their share of the property | | | | responsible for the payments on the home can allow |
| goes to whomever they have left it to in their will. | | | | the other to make payments for its upkeep, eg. utility |
| A preferable tax tip for joint home ownership is to | | | | bills, rates etc. |
| consider the "Tenants in common" TIC as you have | | | | |