Shannon Molloy, deputy editor of Australian Property Investor Magazine, has posted a commendably detailed and informative article on-line on the above topic.
Discover what the legal and tax implications are, he writes, when converting your family home into an investment property:
Whether you’re taking off overseas for a holiday or new job, moving interstate or buying a new house elsewhere, it’s probably crossed your mind to rent out your current family home rather than sell it.
Such a notion is especially tempting in rising property markets, which is the case in most capital cities at the moment.
But what are the legal and tax pitfalls of converting your family home into an investment property, and are there any opportunities to save money?
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