SearchProperty manager DIY
Reema asks:
(updated on Thursday, July 05th 2012)
My husband and I own a rental property of which I am acting as a unofficial property manager. I take care of all the administration, bill payments, rent monitoring and tenant issues. I've also taken the same responsibilities for my mother in law's rented property. Can I claim property management fees? How do I go about this?
Our Experts Answer:
Yes, you could charge the partnership a management fee. It should be at market rate. Say 7% or 8% of the rent collected. The transaction is circular though given that you will need to declare the income and the partnership will split the deduction.
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