Claiming rental property 50/50 between my wife and me.
My wife and I have a rental property since 2013.
The ownership, mortgage and lease agreement is both in mine and her name.
Throughout these years, our income tax preparer has been claiming the rental property only under my name instead of splitting it 50/50 between my wife and me.
This year I have decided to use TurboTax premier to do my own taxes and did some online research to learn that it should have been split evenly between the two of us.
Is it ok for me to claim the expenses/profit as a co-ownership between me and my wife? Will this set up any red flags with service Canada?