Arnold
CibbuanoTax Deduction Strategies – Title Deeds
June 26th 2006 00:56
A Certificate of Title or often referred to as a Title Deed is a document issued by the Land Titles Office detailing the owner, a legal description of the property and any other interests, such as mortgages, in the property.
All property investors are interested in reducing the taxable value of their property and seek ways to minimize the overall bite from the taxation department. There are many ways of trying to legally get ahead of the tax department. One such method is using negative gearing which has been discussed in previous posts. Another method is to look at the official ownership of the property and whose name/s goes onto the title deeds. When it comes to purchasing properties there are several options for how you establish the ownership of the property. You can buy in one name, joint names, as a company or through a trust fund. It is very important to think through all the issues of property ownership through thoroughly. When the title deeds have been handed over after the sale, the names that appear on the title deeds are relatively concrete. They can be changed but this involves a costly and lengthy process of paying stamp duties, valuation costs, legal conveyancing fees and possibly land tax issues.
Ideally, when you sign the title deeds you want to make sure that for now and the foreseeable future, the title deeds are established to maximize any tax deductions which are applicable to your financial situation. Over the course of the week, I’ll look at each purchasing option separately and outline some of the factors to consider when it comes to putting the names on the title deeds. It is always a good idea to seek professional advice from a financial advisor prior to settling on a property to make sure that the title deeds are established to the benefit of your particular financial situation.
All property investors are interested in reducing the taxable value of their property and seek ways to minimize the overall bite from the taxation department. There are many ways of trying to legally get ahead of the tax department. One such method is using negative gearing which has been discussed in previous posts. Another method is to look at the official ownership of the property and whose name/s goes onto the title deeds. When it comes to purchasing properties there are several options for how you establish the ownership of the property. You can buy in one name, joint names, as a company or through a trust fund. It is very important to think through all the issues of property ownership through thoroughly. When the title deeds have been handed over after the sale, the names that appear on the title deeds are relatively concrete. They can be changed but this involves a costly and lengthy process of paying stamp duties, valuation costs, legal conveyancing fees and possibly land tax issues.
Ideally, when you sign the title deeds you want to make sure that for now and the foreseeable future, the title deeds are established to maximize any tax deductions which are applicable to your financial situation. Over the course of the week, I’ll look at each purchasing option separately and outline some of the factors to consider when it comes to putting the names on the title deeds. It is always a good idea to seek professional advice from a financial advisor prior to settling on a property to make sure that the title deeds are established to the benefit of your particular financial situation.
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