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Q: Hi, my Dad wants me to be a trustee and beneficiary for a property he wants to buy in Tasmania and live in it. I get no benefit from the transaction. No rental income...nothing. What am I obligated to do if I do go ahead with this? I would have to declare this on my tax but if I'm not receiving rental income, what's the benefit? What am I also liable for if anything goes wrong? Thanks
A: Hi Damien, thanks so much. It'll be a family trust, I'm the sole trustee but then my son and I will be the beneficiaries, the trust will own the entire property, no units and I work full-time. As mentioned before I won't be getting any income from the property. Thanks
answered
Q: Hi, my Dad wants me to be a trustee and beneficiary for a property he wants to buy in Tasmania and live in it. I get no benefit from the transaction. No rental income...nothing. What am I obligated to do if I do go ahead with this? I would have to declare this on my tax but if I'm not receiving rental income, what's the benefit? What am I also liable for if anything goes wrong? Thanks
A: Thanks Patrick. I intend to discuss with a lawyer but just also wanted to know what I need to do financially
question
Q: Hi, my Dad wants me to be a trustee and beneficiary for a property he wants to buy in Tasmania and live in it. I get no benefit from the transaction. No rental income...nothing. What am I obligated to do if I do go ahead with this? I would have to declare this on my tax but if I'm not receiving rental income, what's the benefit? What am I also liable for if anything goes wrong? Thanks
