We have purchased an investment property which we are planning to furnish and lease. The property title is in my name. We are now considering whether we would actually like to move into the property ourselves, but of course I assume that would normally mean that I would lose the tax-deductible benefits of the investment property.
I just want to get a high-level impression of whether it would be feasible for me to claim tax deductible benefits from the property if we both live there, and my spouse rents the property from me? Or is it as a general rule not possible to claim tax deductible benefits from the property if it is your primary place if residence?
I acknowledge the forum disclaimer, but just want to understand whether this is likely to be a feasible arrangement or not.