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.
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.