How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TaxRobin Your Own Question
TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 16000
Experience:  International tax
14155347
Type Your Tax Question Here...
TaxRobin is online now

I have rental income, can I assign the income by deed to my

Resolved Question:

I have rental income, can I assign the income by deed to my wife so that she declares the income on her tax return
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
A Declaration of Trust is a simple form of trust, which basically states that although the legal title is owned by one party, the beneficial interests (i.e. the right to receive income) is held by the party wishing to declare it on their tax return.
You would want to make certain that you speak with your solicitor prior to changing any deed that transfers ownership to your spouse in full.
Customer: replied 2 years ago.

therefore it is accepted by the revenue and would fall as part of my wife"s income, is this correct

Expert:  TaxRobin replied 2 years ago.
Hello,
Yes your wife would then report the rental as her rental income.
TaxRobin and other Tax Specialists are ready to help you