Before you can determine how much of the rental income to declare, you need to know how much of the property you own. If you and your spouse are co-owners, you declare a portion of the rent as decided in a written or verbal agreement between owners. If both of you own the property 50/50, it should be split 50/50.
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.
For additional information on claiming rental income, please visit this page:
Claiming Rental Income
For any additional inquiries, you can contact our team here.
