Income From Property You Don T Own

I am so excited and looking forward to attending tomorrow s seminar in durban.

Income from property you don t own. The rental income is still taxable however if you don t own the property then there would be no asset listed for depreciation on the rental. It s the person whose name is on the mortgage documents that gets the deduction for interest on the mortgage. Reply october 7 2016. If you incurred some costs to earn the rental income those costs could be considered ordinary and necessary business costs and may be deductible.

All sa reits own income producing property. Why would you want to claim rental income on a home you don t own. Turbotax software is written under the broad assumption that landlords are generally owners as you go through the rental section enter all of the information from the perspective of an owner. Although you do not own the property you still report the airbnb income as rental income.