My Husband and myself own a property equally. We are giving it on Rent. I believe we can divide the Rent Income equally in our Income Tax Submissions. Questions I have are :
1. Should we do a Rent Agreement with Both of our Names as Lessor?
2. Can Tenant pay the rent to one of us or he has to give 2 different cheques ( One to each of us ).
3. How do we pay the Rent Receipt to Tenant? ( Can one of us give that to Tenant )?