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I am on title but not responsible for anything
Accepted Solutions
- Mark as New
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I am on title but not responsible for anything
Per CRA:
Who reports the rental income or loss?The person who owns the rental property has to report the rental income or loss. If you are a co-owner of the rental property, your share of the rental income or loss will depend on your share of ownership.
Report the rental income the same way for each year you own that rental property. In other words, you cannot change the percentage of the rental income or loss you report each year unless the percentage of your ownership in the property changes.
- Mark as New
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- Report Inappropriate Content
I am on title but not responsible for anything
Per CRA:
Who reports the rental income or loss?The person who owns the rental property has to report the rental income or loss. If you are a co-owner of the rental property, your share of the rental income or loss will depend on your share of ownership.
Report the rental income the same way for each year you own that rental property. In other words, you cannot change the percentage of the rental income or loss you report each year unless the percentage of your ownership in the property changes.