A client owns a property with his two children (Both over 18). Parent owns 80%, chiildren 10% each. Joint tenants. Does the income have to be split 80:10:10 or as its not married couple, can the income be allocated for tax purposes in any proportion they choose?
Secondly, parent meets all the expenses, do the expenses have to follow the income split or can 100% of expenses be allocated to parent as they have paid them all? or can they choose to allocate expenses in any proportions they choose?