Rental Income Tax Query - Joint Property Owners

[Cork22]

Hi.
My wife and I own a rental property, can the tax be calculated based on one of our earnings or does it need to be split 50-50.
Thanks.

 

[Gordon Gekko]

Hi.
My wife and I own a rental property, can the tax be calculated based on one of our earnings or does it need to be split 50-50.
Thanks.

Your question is poorly worded, but the answer is no. The rent needs to be allocated 50:50; you can’t just arbitrarily allocate it to the spouse with no income.

 

[dublin67]

If you need to have the income showing as arising to one spouse it will be necessary to transfer the property into that person's name. This can be done but will incur legal fees, re-arrangement of bank borrowings, life policy etc. There won't be any stamp duty. It can be worth it in the long run and it depends on the figures