I have a couple of examples that i am trying to find out the answers to:
1) Mrs X owns a house in her own name and rents it out. But the mortgage is in Mrs & Mr’s name.
Am i correct in that the rental income only gets reported on Mrs X?
Or can they elect to have it treated as joint income based on the fact they are either a) married or b) have a joint mortgage?
2) Mrs X and Mr X own a house together and rent it out.
Can they elect to have the income treated on just one of them rather than both if they wanted to?
Does it make any different if the mortgage is in joint or sole names or does this not effect the tax treatment?
I have seem something about a 'Form 17' although i am not sure if or when this is used.