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Tax question...

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gibson000 | 18 Feb 2015, 11:40 AM Agree 0
Hi all,
A few years ago I purchased a condo with my father, to use as a rental property. We each put in an equal downpayment, and we put the entire thing under his name legally (at the time I didn't have the required debt ratio to put my name on). No issues there.
Since the initial downpayment, I have on my own been taking 100% care of the property, putting money into it as needed, handling the rent, etc. My father has essentially been a silent partner.
Question - for 2014 taxes, if my father doesn't declare the property on his 2014 taxes, can I declare it on my taxes, due to having an 'equitable interest' in it??
Before anyone tears me a new, I'm not trying to break or get around any laws, I try to do everything by the book, which is why I am asking! :)
  • Scott | 21 Feb 2015, 11:58 AM Agree 0
    I am the money partner in a joint venture with a real estate investor. He charges 15% of the gross rent for property management, I pay this and receive a receipt from him. All other costs/expenses and profits are split 50/50 between us.

    Given that experience, I *think* you could charge your dad a fee for property management 10 - 20% of the gross rent, get the receipt from him and then split everything else equally.

    That written, I'm not a tax expert. I use a professional accountant to ensure everything is done property. I would suggest locating an accountant with experience in real estate investing and doing the same.
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