kingstonkid Posted March 2, 2016 Share Posted March 2, 2016 If I have a deal with a bank for a 1'5 mil mortgage does that count as 1.5 against the 2 mil? Link to comment Share on other sites More sharing options...
thairay Posted March 2, 2016 Share Posted March 2, 2016 thanks for a clear question.i will think about it and then wonder why...what 2 mill? Link to comment Share on other sites More sharing options...
chiang mai Posted March 2, 2016 Share Posted March 2, 2016 deleted Link to comment Share on other sites More sharing options...
onthemoon Posted March 2, 2016 Share Posted March 2, 2016 The 2 million are clearly so that he can apply for a work permit. But it is a good question whether the mortgage counts towards it, I'd be interested to know too. Link to comment Share on other sites More sharing options...
blackcab Posted March 3, 2016 Share Posted March 3, 2016 The mortgage itself can not be used as it is a liability and not an asset. However, if the mortgage is going to buy property in the company name then once you have the property in the company name it can count as a business asset while the mortgage counts as a corresponding liability. If you buy land with the mortgage then this can not be depreciated (in normal circumstances). Buildings on the land, however, can be depreciated. Link to comment Share on other sites More sharing options...
chiang mai Posted March 3, 2016 Share Posted March 3, 2016 The 1.5 mill. mortgage is a personal liability not a company one, with capitalization of less than 2 mill. no bank on the planet would grant a 1.5 mill. mortgage to that company. So whilst you may put the house inside the company, the liability for the mortgage doesn't transfer, that's yours babes and no amount of lipstick will change what that picture is. Short answer: No. Link to comment Share on other sites More sharing options...
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