Could I ask any of you experienced blog members about the following below as I am a first time renter and have no idea ! Maybe anyone could give me some advice on the issue. I read the following articles and do not know if they are correct.
My property that I intend to rent out was inherited by me alone from my mother. The property deeds are solely in my name and not my husband’s. For tax reasons, I would like to ask you the following questions:-
Would it be legally binding if I put both of our names on the tenancy agreement so that the taxation could be divided by the two of us even though he isn’t a joint owner or not?
I read an article mentioning that if I inherited the property after our marriage then he is automatically entitled to a 50/50 split.of the income generated. I think it has something to do with declarations of trust under TSEM6001,TSEM9410 and TSEM9520. Is this correct?
According to another article I read, he would be entitled to receive income from the property with my agreement in his capacity as, say, a manager of my holdings. That income would, in his case, be treated as earned income and would attract income tax if he earned above the threshold even though he wouldn’t be able to claim any expenses incurred in running the property, but I would be able to treat his income as an expense to me and, therefore, a deductible amount in my rental which ultimately will reduce my income tax if I am not wrong. Is this correct?
Any answers would be appreciated guys ! Thanks