Income Tax and Who`s On Title?

[selewis]

Help. Can someone please help me with the income tax implications for rental income?
Scenario: Rental property title in both spouses names.
Is there complete freedom to claim the income and expenses 100%-0% for either spouse, or 80%-20% or 49%-51% or whatever split is preferable for lowest taxes being paid?
This is not the scenario where title is transferred part way through ownership, but where both spouses purchase the income property in both their names right from the start.

 

[brad]

I would also like some clarification on this exact topic.

Thank you.

Brad Hamilton

 

[Thomas Beyer]

it is split along the lines YOU determine, i.e. who gets what % of revenue and expenses ? As long as it totals to 100% for both parties any combination works REGARDLESS of who is on title !

so 100% to you (and thus, 0% to the 2nd person) or
0% to you or
25% to you or xxx %

 

[selewis]

okay... what about if only one spouse`s name is on title? is there still an ability to transfer between spouses the income? or does it have to be claimed by the name on title?

 

[billf]

Hi,

I am also interested in this topic. I have interpreted that profit/loss had to be distributed according to percentage of ownership. Can this percentage be changed from year to year, and can I go back and re-jig my previous returns to move income to the lower income spouse, and would this be like asking for an audit??

BillF