2020 Tax - Rental schedule
When there is a rental property shared between 2 individuals, and each of them is paying different amount of loan interests, say husband pays 5k and wife pays 6k, in order to correctly capture this expense for each of them respectively, we need to enter the gross loan interests in husband's schedule as 10k and wife's as 12k. By doing this will give us the correct net rent for each of them but the total rental expenses may not be accurate, as the total loan interests should be 11k not 10k or 12k. We understand this should not affect reporting end results but we think it would be nicer to have the old rental schedule where you can have another column to put such expenses rather than only the option of putting gross amounts.
Thanks.
Hello alexzhu
Thank you for your post and feedback.
I would like to let you know that there has been big changes between the 2019 and 2020 rental schedule, hence why MYOB is working to improve the functionality of the 2020 Rental property schedule. These are expected in future releases. For now if rental property is shared, but each owner has different amounts, you will either need share all or do not share and complete another schedule separately.
Using an example: (e.g one owner has loan interest, the other owner doesn't) - one schedule will need to be created for the first owner, and a second schedule will need to be created for the other owner.We do understand it's tedious work having to enter multiple schedules and hope with the newer tax release, we'll be able to deliver a better user experience.
Regards,
Sandy
Client Support Representative
