I have a property which i earn rentals, but when i add my income with that the tax amount becomes high, is there any possibility to share the rental income with the spouse. Here the property is in my name. Please advice.Is there a way to divde the property income with spouse when the property is in my name.?
Are you in US?
If you are married, you file a joint return and the schedule E rental amount is plugged into the 1040.
On the schedule E you reduce the rental income by the expenses and deductions you have related to it: utilities, upkeep, maintenance, repairs, mortgage interest and taxes, depreciation..
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