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Do two owners need to split rental expenses and income in a tax return?

Posted 27 November 2015

Nathan says:
27 November 2015 at 10:40

My wife and I share a rental property and split costs equally. Are we meant to split these on our tax returns or should we populate only what we each pay from our specific bank accounts? Rental income comes into my bank account and the interest expense comes off it as well.

TaxTim TaxTim says:
27 November 2015 at 13:46

If you own the property jointly, and share the rental income 50:50, then you should each declare 50% of the income and 50% of the expenses in your tax return.

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