In the first of a new series of articles on property tax Jennifer Adams looks at some of the nuances involved in completing a form 17 declaration of joint property and income.
Many married owners of jointly owned rented properties assume that so long as they declare the profit on one of their individual tax returns then that is their legal liability done.
But as one AccountingWEB member recently recounted in Any Answers, this is not necessarily correct, particularly if there is an uneven split of income and the taxpayers may need to complete a form 17. In response to this and numerous previous queries, this article covers the basic requirements of form 17 and considers the options it provides for efficient tax planning.
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