- May 7, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Understanding Rental Income Tax
Hello kind people of reddit, I am seeking assistance in understanding how to properly enter rental income tax. Despite searching online for a solution, I have not been able to find the information I need.
## The Situation with Rental Income
My parents own a condo in a different city that was rented out towards the end of 2023. Given that they are not very tech-savvy, I took it upon myself to find a tenant and have been collecting monthly rental payments. My query revolves around who should be claiming this rental income – should it be me, as I am the one collecting the money through bi-monthly e-transfers, or my parents, as they are the property owners?
## Important Details to Consider
It is worth mentioning that I am the one responsible for paying the property tax and condo fees. Any insights or guidance provided would be greatly appreciated. Thank you in advance for your response.
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>The question is who should be claiming this income
Your parents each on their T776 form as part of their personal tax return, because they are the owners. The fact that you collect the money doesn’t matter since it’s their proeprty and their rental income.
>I am the one paying for tax property and condo fees
They should be reporting those expenses on their tax return and reimbursing you for the money they are supposed to be paying.
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