Is it all 50/50 Tax question?
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.
Bobby
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Property Investor Awards 2017
Member Since January 2011 - Comments: 12206 - Articles: 1403
2:00 PM, 26th January 2017, About 9 years ago
Hi Bobby
The answers to all of your questions can be found via the page linked below …
https://www.property118.com/need-become-rental-partnership/93073/
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Member Since December 2016 - Comments: 10
2:36 PM, 26th January 2017, About 9 years ago
Reply to the comment left by “Mark Alexander” at “26/01/2017 – 14:00“:
Hello Mark
Super article!
I assume that if I were to complete a Declaration of Trust before 31 Jan, it would only apply to all relevant income, costs etc going forward from the date signing the form, It would NOT apply to previous 2015-6 tax year even though nothing had changed in our circumstances for many years.
Is that correct?
Bobby
Member Since January 2011 - Comments: 12206 - Articles: 1403
3:42 PM, 26th January 2017, About 9 years ago
Reply to the comment left by “Bobby Green” at “26/01/2017 – 14:36“:
The Declaration of Trust would affect income and expenses from the date it was signed and witnessed.
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Member Since December 2016 - Comments: 10
7:05 PM, 26th January 2017, About 9 years ago
Thank you Mark!