I’ll run this by an accountant at some stage, but would anyone know the tax implication for the below scenario
Myself and my brother bought an apartment back in 2005.
Two years ago he moved to live in the states and he will probably be there for the next few years.
I have since got married and I’m thinking of moving out of the apartment and renting it.
In relation to rental income tax, do we pay 52% in taxes minus any expenses on all the rental income?
Or
Since my brother is now non-resident, is the below option viable:
Divide the rental income in half and apply 20% tax to his half since he is a non-resident landlord.
Apply the 52% tax to my half.
Subtract the expenses the pay the revenue what is owed.
Myself and my brother bought an apartment back in 2005.
Two years ago he moved to live in the states and he will probably be there for the next few years.
I have since got married and I’m thinking of moving out of the apartment and renting it.
In relation to rental income tax, do we pay 52% in taxes minus any expenses on all the rental income?
Or
Since my brother is now non-resident, is the below option viable:
Divide the rental income in half and apply 20% tax to his half since he is a non-resident landlord.
Apply the 52% tax to my half.
Subtract the expenses the pay the revenue what is owed.