Help re property income

Sarah-Lou
Sarah-Lou Registered Posts: 141 🎆 🐘 🎆
in General accounting discussion
Could someone just clarify this for me please :)

If someone has a joint mortgage with their husband and they start renting this property out. How does the income from this work - do they have to claim 50% of it for each of them? The chap is a 40% tax payer whereas the woman is a 20% tax payer therefore it would be better for her to claim all the income as hers but I'm presuming as the mortgage is in both names they cannot do this?

Thank you

Sarah-Lou

Comments

  • T.C.
    T.C. Registered, Tutor Posts: 1,448
    It is not so much the mortgage payments that count, but the ownership of the property. If they own the property 50:50, then, yes they will have to jointly declare.

Categories

Privacy Policy