9:23 AM, 9th August 2016, About 5 years ago 12
I purchased a property in 2007 with my Mother. My Mum’s name purely went on the mortgage for loan purposes (as her salary allowed me to get a larger sum). I have always paid all expenses and lived at the property. This month we completed a Declaration of Trust to state that I own 100% of the property.
I have recently rented the property and am nervous about the new tax laws coming into place in 2017 which will mean the Interest Only portion (a considerable amount) is not deductible (which in-turn means a considerable tax bill). My husband who works for our Church and has a very minimal salary (hence why his name was not on the mortgage initially) still has a tax free portion of income we could use if I were able to complete another ‘Declaration of Trust’ and to gift him 99% ownership.
Is this possible and legal? (Essentially to have completed a Declaration of Trust stating my personal ownership of 100%, despite my Mothers name being on the mortgage with mine. And then now owning 100% to complete a second Declaration of Trust gifting 100% of the property to my husband?).
I look forward to hearing from you.
Thanks so much in advance.
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