SearchTax returns for property in joint names
Hamish asks:
(updated on Wednesday, August 21st 2019)
I am doing my tax returns for my investment properties. They are owned by my wife and I (both names on the title). Do we need to do two returns with 50% income and expenses on each, or can I just put everything onto my return?
Our Experts Answer:
In short, you cannot return all of the income and expenditure in your tax return if the property is in joint names. Generally, the presumption is that the income and expenses should be split on a 50/50 basis if the property is in joint names. One exception to the rule is where a property is owned tenants in common with ownership proportions specifically stipulated on the title, but that is not the case here.
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