Hello, me and my wife own 5 rental properties and we pay our on 4% of gross income to manage the properties and 150$/unit for concierge work. Me and my wife will declare those expenses on the T776 form of each building. Do we need to do anything else on our end?
Furthermore, how can my son declare this income in TurboTax?
He doesn't have a company and we don't either. The total amount we pay him amounts to around 15-18k per year depending on the year, vacancies, etc.
