changing joint tenancy status for tax return
Tax Planning and Financial

Martine S
Martine S
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6 Posts
2 weeks ago
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My husband and I own two properties jointly and one is in my name outright. He paid for one of the jointly owned properties and takes the rental income. The rent is twice as much as each of the other two properties, of which we share the rental income (we paid equally for both), but one of those properties is jointly owned and the other in my name only. As far as tax is concerned, I have always declared income from two and he has declared income from three properties, but as I am registered as joint owner of two and outright owner of one property, we need to change the way we pay tax to stay compliant. Do I need to explain this change in the proerties we each own to the tax man or do I just change the amounts we declare on the the tax forms I am currently working on? I definitely want to change the tax status, as I don't think filling in tax form 17 where you can declare how much each joint owner has paid for the property would apply, as one of the properties is in my name only.

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