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Tax on rental income, bond in two names.

Posted 19 August 2013 under Tax Questions

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I am co-owner of a townhouse and we are in the process of letting it. I understand that we can offset certain expenses (of a non-capital nature) to the income, to alleviate tax paid thereon. But now there is still the question of how to "split" the income and expenditure between the two taxpayers in question? We are engaged and have a 50/50 interest in the townhouse and all costs and expenses are shared between the two of us at the same ratio. Please advise.

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TaxTimTaxTim says:
19 August 2013 at 23:31

You would split the income and expenses 50/50 and declare each portion on your individual returns respectively.


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