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Rental income into another individual bank account

Posted 21 September 2015 under Tax Questions



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Anonymous says:
20 September 2015 at 21:39

Do I have to declare rental income if the property is in my name but the rental income goes to another family members bank account?

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TaxTimTaxTim says:
21 September 2015 at 12:45

Does this other family member file a tax return and declare the rental income?


Anonymous says:
21 September 2015 at 12:47

hi
No she is a minor/underage.


TaxTimTaxTim says:
21 September 2015 at 22:31

Since the property is in your name and presumably the lease too, you will definitely need to declare the rental income in your tax return.

Remember, you can deduct the rental property related expensesto net off the rental income and therefore reduce the tax payable.


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