Is it all 50/50 Tax question?Make Text Bigger
Can anybody clarify the following:-
Me – High rate tax earner Wife – Lower rate tax earner
My wife and I own several properties that we let. Some are in my sole name and some are joint names. The mortgages are similarly identified as either mine or joint mortgages.
For the purpose of 2015-6 tax return, am I correct in assuming that I HAVE TO separate income and costs of the joint property’s & mortgages between us equally at 50%. Also, will the property’s and mortgages in my sole name with have to be declared solely on my tax form even though we are married or can I shift some over to my wife… Is the above correct?
We will be seeing a property tax advisor going forward but this was a leftover of our pre marital and pre Osborne years.
Thanks in advance.
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