Rental collect

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

Rental collect

Postby Www » Wed Jul 03, 2013 12:53 pm

If collect rental already, do you put in joint account and share equally between husband and wife, or put individual account?

Www
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Re: Rental collect

Postby tankee » Wed Jul 03, 2013 1:00 pm

:idea: if rental property is jointly owned, then rents goes into joint account.

If individually owned, then into owner's account?

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Re: Rental collect

Postby cherrygal » Wed Jul 03, 2013 1:22 pm

Up to the couple. I would just pocket it. :evil:

My SAHM friend keeps the rental coz her hubby doesn't give her an allowance.

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Re: Rental collect

Postby Www » Wed Jul 03, 2013 1:30 pm

cherrygal wrote:Up to the couple. I would just pocket it. :evil:

My SAHM friend keeps the rental coz her hubby doesn't give her an allowance.


:lol: How she does that? Not sure can pocket all up.

I am thinking of discussion beforehand what the arrangement, before renting out.

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Re: Rental collect

Postby cherrygal » Wed Jul 03, 2013 1:39 pm

Just talk to hubby lor... I would just tell hubby I keep it to save for the family. He will agree.

But if you have a history of being a spendthrift, and can't save much, then dun think the hubby will allow... hehehe

DH and I are both squirrels so we trust each other. I just like it in my account better...

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Re: Rental collect

Postby MMM » Wed Jul 03, 2013 1:44 pm

Our jointly owned property rental is giro into my dh's account every month. He used it to pay the existing loan of our current property while I've my other commitments.

Besides that, dh would also be held responsible for paying the quarterly maintenance fees of the rental place, repairs & maint, agent fees (where applicable), etc... My tenant has been with us for 4 years and just signed another 5 with us last year. He asked for new aircons for entire unit which my dh paid for it.

I suppose with alignment between the couple in the "big picture" manner, any arrangement is fine.

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Re: Rental collect

Postby atrecord » Wed Jul 03, 2013 1:48 pm

It is fine whatever the arrangements, as long as both are comfortable.

But it would be advisable to think of the tax implication as well.

If the property is jointly owned, IRAS will take it that all rental income will be split equally between the two, so when you declare the rental amount, half will be taxed to the spouse anyway. If let's say all the rental income is pocketed by one spouse, and the other spouse actually do not have much savings and also no income, then come income tax time, IRAS will still want this spouse (no income, no rental, no savings) to pay income tax...

This is definitely the case for HDB rental. I can't be sure about private property rental, although i feel it should be the same.

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