Married Couples Jointly owned property – expenses split

by Sally

2 months ago

Married Couples Jointly owned property – expenses split

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Married Couples Jointly owned property – expenses split

I am aware that income from property owned jointly by married couples needs to be split 50/50 for tax purposes (unless form 17 has been filed), but do expenses from jointly owned property also have to be split 50/50?

My situation is that I manage our 2 jointly owned rental properties, including paying the mortgage and covering all expenses.

Can I claim 100% of the expenses against my 50% share of the income?

Thanks to anyone who can help with this.

Sally



Comments

Mark Alexander

2 months ago

Hi Sally

Have you considered forming a partnership so that you can allocate profits disproportionately to ownership?

Please see my latest article "The best tax structure for landlord newbies" - link below.

https://www.property118.com/best-tax-structure-landlord-newbies/

Neil Patterson

2 months ago

Hi Sally,

If it's a jointly owned property and joint income split 50/50 you can't then unfortunately split the expenses differently.


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