PayLessTax - Rental Property % ownership

L

L0llip0p

Registered User
Messages
92
Hi,

Using paylesstax for 1st time. I've come across the following which is confusing me on how to answer correctly.

I bought rental property in 2003 and have since married (2007).

The Paylesstax asks what percentage of property is mine and spouse's respectively.

At 1st glance, I would have said 100% mine but given that we're married and if it all went belly up it'd prob go 50/50. My wife does her fair share with the property so its inaccurate to state its 100% mine and nothing to do with her. I'm wondering if there is strict criteria on how to gauge this or is it vague?

Any opinions/ideas on how I should approach this?
 
who's name is on the deeds? who's name is on the mortgage ? and who's name is on the bank statement where the rent is received ?

if your's only then you know the answer, if your's and your wifes then its 50/50

hope this helps
 
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