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ownership percentage of joint tenants

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Hi guys,

 

I bought a investment property back to March 2017.

 

Then on 1 June 2018 my wife's name was added to its title as joint tenants.

 

How can we fill in ownership percentage section for tax return, half to half?

 

Thanks.

 

uower2500

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Hi @uower2500,

 

Welcome to our Community!

 

Generally, if your title has you listed as joint tenants, your legal interest would have you both hold an equal interest/share in the property. However, it may be best to check the property title to confirm.

 

If your investment property has co-ownership, myTax will calculate your share of rental income an expenses using your ownership percentage. Your ownership percentage will depend on whether the co-owners are joint tenants or tenants in common or if there is a partnership involved.

 

If you have further questions, you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.

1 REPLY 1
Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @uower2500,

 

Welcome to our Community!

 

Generally, if your title has you listed as joint tenants, your legal interest would have you both hold an equal interest/share in the property. However, it may be best to check the property title to confirm.

 

If your investment property has co-ownership, myTax will calculate your share of rental income an expenses using your ownership percentage. Your ownership percentage will depend on whether the co-owners are joint tenants or tenants in common or if there is a partnership involved.

 

If you have further questions, you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.