SearchCo-owned rental accounting
Parveen asks:
(updated on Wednesday, March 06th 2013)
My and I have brother bought a rental property together. I have been filing an IR3 return for the last five years in my name. How do I account for the rental property? Is it necessary to file a revised return or just leave it as I am planning to sell the property soon? How will I file the revised return?
Our Experts Answer:
It sounds like you are in partnership with your brother for the investment properties you own together. As such, you would file an IR7 partnership return for the partnership income and each partner would file their own IRD return declaring their share of partnership income. The income declared by each partner obviously needs to reconcile to that in the IR7 partnership return.
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