Rental income into another individual bank account
By Marc Sevitz · Updated
Do I have to declare rental income if the property is in my name but the rental income goes to another family members bank account?
Does this other family member file a tax return and declare the rental income?
hi
No she is a minor/underage.
No she is a minor/underage.
Since the property is in your name and presumably the lease too, you will definitely need to declare the rental income in your tax return.
Remember, you can deduct the rental property related expensesto net off the rental income and therefore reduce the tax payable.
Remember, you can deduct the rental property related expensesto net off the rental income and therefore reduce the tax payable.