After 20 years plus of preparing rental property tax returns, I’ve come up with my list of the “Top 10 Rental Property Tax Return Mistakes”.
1. Co-owned properties – Apportioning expenses and income
If you own a rental property with someone else, you must declare rental income and claim expenses according to your legal ownership of the property.
As joint tenants, your legal interest will be an equal split (50/50), any expenses paid by either joint tenant is assumed to be paid on behalf of both equally, regardless of