Moving into LTC property
Question from Lana updated on 27th April 2012:
I plan to move into my own rental property which is under LTC. Do I have to sell the property to myself with the market value? Can I just move in and stop claiming the expenses?
Our expert Mark Withers responded:
The costs are certainly non-deductible from the point the property becomes a private asset. A LTC is a business structure which is unsuitable for ownership of a private home. I suggest you restructure it to something more suited to your new arrangement.
Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.
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