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Hi all,
My name is on a couple of rental properties, along with my partner. He has been looking after the taxes, claiming all the income/expenses etc.
We’ve always been on nearly the same salary and in the same tax bracket. I have not been filing tax returns as with him claiming all the property related stuff I had no additional income or circumstances that would have required me to file. He is listed as the landlord on tenancy agreements etc. But we are jointly listed on the mortgage docs and bank accounts.
I’ve never questioned this but it now seems this was not the correct thing to do. Where to from here?
This has been over 15+ years.
I also now have a complication in that I am born in the US and it seems I have tax filing obligations that I wasn’t aware of and now very worried about pretty much everything related to my finances, with FBAR requirements and joint names on accounts I’m worried that things come unstuck or get very costly through my ignorance, ☹️???? Rental income has always gone to a revolving credit account which is in both of our names.
help! Would appreciate any advice!
My name is on a couple of rental properties, along with my partner. He has been looking after the taxes, claiming all the income/expenses etc.
We’ve always been on nearly the same salary and in the same tax bracket. I have not been filing tax returns as with him claiming all the property related stuff I had no additional income or circumstances that would have required me to file. He is listed as the landlord on tenancy agreements etc. But we are jointly listed on the mortgage docs and bank accounts.
I’ve never questioned this but it now seems this was not the correct thing to do. Where to from here?
This has been over 15+ years.
I also now have a complication in that I am born in the US and it seems I have tax filing obligations that I wasn’t aware of and now very worried about pretty much everything related to my finances, with FBAR requirements and joint names on accounts I’m worried that things come unstuck or get very costly through my ignorance, ☹️???? Rental income has always gone to a revolving credit account which is in both of our names.
help! Would appreciate any advice!
And no not my real name but was feeling really sheepish about not having known better!
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