Tax filing for landlords made easy

There are two ways landlords of residential properties can claim for rental-related expenses - opt for a 15 per cent deemed rental expense deduction or claim the actual amount of rental expenses incurred.
There are two ways landlords of residential properties can claim for rental-related expenses - opt for a 15 per cent deemed rental expense deduction or claim the actual amount of rental expenses incurred.PHOTO: REUTERS

Any rental income from letting out a property must be declared for tax purposes, and it helps for owners to know what they can claim for rental-related expenses

A hefty $7.37 million in taxes and penalties have been recovered by the taxman in the past three years following audits on 1,500 taxpayers concerning their rental income.

That alone should serve as a stark reminder that we must declare all sources of income in our annual individual tax returns, including money derived from renting out property.

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A version of this article appeared in the print edition of The Sunday Times on April 01, 2018, with the headline 'Tax filing for landlords'. Print Edition | Subscribe