rental income question

[froggy]

My husband and i have both our names on the rental income paperwork from our realestate, i only worked part time this year and husband worked full time , basically the question is , who claims the rental income , me or him or do we have to split it between us when doing the tax return ? sorry to be confusing thanks

 

[Emily_Zac]

My husband and i have both our names on the rental income paperwork from our realestate, i only worked part time this year and husband worked full time , basically the question is , who claims the rental income , me or him or do we have to split it between us when doing the tax return ? sorry to be confusing thanks

Depends , what percentage do you both own of the rental (this done when you bought it) if it's 50/50 you both claim 1/2 income aswell as outgoings

Martin

 

[froggy]

thanks for that ,

 

[Xenia]

If it is owned in a trust then you can split income at your discretion. Ie 90% to you and 10% to hubby or whatever gives the most tax advantage. If it is owned in your individual names then it is split as per ownership as stated above.