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Varying property ownership % - how to structure in LV?

Posted: Thu Feb 02, 2017 4:43 pm
by scottlandl

My husband and I have 6 houses - 4 are joint, one is in his name and one is in my name. We use a single bank account for all of the properties. I need the tax calculation to reflect this and so created three portfolios - one for each type of ownership. However I can't see a way to make the bank account visible across multiple portfolios.

Has anyone else had to deal with this situation and if so what is the best structure - one portfolio or three?

many thanks, Karen

Re: Varying property ownership % - how to structure in LV?

Posted: Thu Feb 02, 2017 9:46 pm
by stevenlawr
Hi Karen

We are in a similar situation and have created separate portfolios for her's, mine and shared ownership (although we use separate bank accounts for each portfolio). You can split ownership in the income tax reports but it will apply to all properties in the portfolio.

hope this helps.


Re: Varying property ownership % - how to structure in LV?

Posted: Fri Feb 03, 2017 12:05 pm
by emm
Hi Karen,

Unfortunately a bank account cannot be seen across multiple portfolios. In an ideal situation you would have a separate bank account for each portfolio, however, where that is not possible you can get around bank reconciliation by editing the bank statement that you are importing and only importing the transactions relating to their respective portfolios. For example:

You have one bank statement including transactions from portfolios A, B and C. Make a copy of the spreadsheet and remove all transactions relating to portfolios B and C. Import the spreadsheet to portfolio A. Make another copy of the main spreadsheet, remove all reference to portfolios A and C. Import into portfolio B, etc.

A bit long winded but it would allow you to manage the portfolios correctly as would certainly be better from a tax point of view to have three portfolios so that you can run the Income Tax report as per your ownership. You would need to run the tax report for the portfolio that you own and then again from the shared portfolio (entering your ownership value), export them both to excel and consolidate them.

All the best,

Re: Varying property ownership % - how to structure in LV?

Posted: Sat Feb 04, 2017 3:06 pm
by scottlandl
HI Guys,

Thanks for your help with this. I've been playing around with the app, and it looks like the detailed tax report provides a total for each property in each tax category (Gross Income, Repairs etc).

My cunning plan now is to put all of the property in a single portfolio so that I can share the bank account and other portfolio costs. I can then pull out the tax values by property (as only 6 houses) and use excel to proportion according to ownership. Shouldn't be much more work then consolidating which I'd have to do anyway, and should minimise the daily admin....

If anyone can see any flaws in this please let me know as I'm busy entering data to get the houses set up over the next few days.

many thanks, Karen