Real estate partnership in income tax - profit and loss statement
May 2, 2015 | 28,00 EUR | answered by StB Patrick Färber
Dear Sir or Madam,
I co-own a condominium with my divorced husband, which we rent out. Up until now, we have reported this on Annex V and all was well. However, starting this year, we are operating as a GbR and must fill out a questionnaire. Do we still need to fill out Annex V? Am I correct in understanding that now profits must be reported on Annex S? And how are these calculated? The income/expense overview (previously used for Annex V) still applies, meaning we are actually making a loss. So, how and where do I correctly report income and expenses/profits or losses for the GbR?
Thank you very much and best regards!
Dear questioner,
Not much changes in your case:
The new GbR must be registered with the tax office where the property is located (or where it is managed) with a new tax number.
You continue to declare rental income in the appendix V of the GbR, still determined through an income-statement. The result will then be determined in a separate and uniform notice for the GbR. In the declaration, you each provide your respective tax office and personal tax number.
The result will be divided 50/50 and you (and your ex-husband) each declare your share in the respective appendix V of your personal tax return in line 25 (The tax office will automatically transmit the values internally to your tax office and that of your ex-husband.)
So everything remains as before, just a bit more complicated because an additional tax return must be submitted. However, the same form remains, only the line number changes in the tax return.
I hope I could help!
Best regards,
StB Patrick Färber
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