We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Tenants In Common Split to save tax on rental income
emo3vet
Posts: 4 Newbie
My partner and I are purchasing a property to rent out. The rental income will be solely mine even though we will both own the property and are both named on the mortgage. If we split the share percentage of the ownership 90/10 would that mean he would have to declare 10% of the rental income on his tax return and I 90%? If so can we split the share 98/1? Any clear simple to understand advice would be appreciated. Thank you
0
Comments
-
Are you married?
If married your only option is to split in line with actual ownership. You cannot simply decide a random split of income, however you can vary beneficial ownership by deed of trust.
If not married you can decide the split.
98/1 is obviously not a valid split.0 -
We're not married. Sorry typo meant 99/1. Thanks0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards