My wife and I have a house that we rent out that is in joint names. Which one of us needs to declares the income? The income gets paid into a joint bank account. My wife has been on maternity leave for half the tax year.
which one of you is named as landlord on the tenancy agreement?
I think it is my wife but can't find the agreement at this very moment
am i right in thinking you only have to declare profit on rental income?
ie whatevers left over after mortgage and other expenses?
if not my landlords got it wrong!!
yes, but as I understand you can only offset the interest on your mortgage payment as an expense, not the capital repayment
well, if your wife is named as the landlord, then surely the rent payments are being paid to her
*warning i know nothing about english housing law 🙂 *
timdrayton and stilltortoise are both correct.
Not sure about who is liable for the tax though if the tennancy agreement is in joint names. If its not in joint names but only in one persons name then they should be liable for any tax on the profit at their highest rate of tax (i think thats how it worked last time i checked).
We share the income and tax burden jointly on our property despite what it might say on the tenancy agreement as we are joint owners.
We do the same - share income and taxes. Can offset expenses, fees and also wear and tear.
What do you mean "share income and taxes?" Do you mean just split the income in half for tax purposes?
