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portfolio ownership

SAURABH bhandari 3 years ago updated by Landlord Vision Admin 3 years ago 3

can the portfolio ownership between multiple owners be split by % of ownership. for example in portfolio I will like to make my spouse 95% owner and 5% to another party. this can then be applied for income, expense, profit and tax splits.

Answer

Answer

Hello


You can take the portfolio split into account on the Income Tax Report.  Set up your portfolio and enter all of your incomes and expenses as normal and then then head to Reports > All Reports > Tax Reports > Income Tax Report and you can enter the Ownership Percentage here before you run the report to calculate your tax liability


Please note that this section is for feature requests, general questions should be sent via the helpdesk


Kind regards

Roy

Answer

Hello


You can take the portfolio split into account on the Income Tax Report.  Set up your portfolio and enter all of your incomes and expenses as normal and then then head to Reports > All Reports > Tax Reports > Income Tax Report and you can enter the Ownership Percentage here before you run the report to calculate your tax liability


Please note that this section is for feature requests, general questions should be sent via the helpdesk


Kind regards

Roy

But does this cover different ownership percentages for different houses? Or is it just a blanket portfolio ownership percentage, which would be useless for accounting purposes, i.e. 40% of what? the number of houses (the Revenue isn't intested in that)? The value of the houses (some of the houses might be worth much more than others)? The income from the houses (but the income from each house might be vastly different)? etc. etc. I haven't populated the database yet so I haven't run reports to find out.

Hello


The income tax report takes all of your income and expenditure and calculates your taxes based up on that.  You can enter an ownership percentage (in your example 40%) which will show you your portion of the tax liability based on that percentage.  As you say, you own different amounts of different properties, so either you would need to run the report several times setting the ownership percentage each time or create a new portfolio for each ownership percentage. Either way you will need to compile the data in a spreadsheet at the end


Kind regards

Roy