Income from jointly owned property.
(d) Income from jointly owned property. A husband and wife who file a joint Federal income tax return and who are required to file separate New York State personal income tax returns must each report his or her share of income from jointly owned real estate, stocks, bonds, bank accounts and other property, in the same manner as if their Federal adjusted gross incomes had been determined separately. The rules for determining the manner of reporting this income depend upon the nature of the ownership interests and, in general, may be summarized as follows:
(1)Joint tenants.#
(1) Joint tenants. A husband and wife owning property as joint tenants with right of survivorship (a common example of which is a joint bank account) should each report one half of the income from the property when separate New York State personal income tax returns are required to be filed.
(2)Tenants by the entirety.#
(2) Tenants by the entirety. A husband and wife should each report on separate New York State personal income tax returns one half of the income from real estate held by them as tenants by the entirety.
(3)Tenants in common.#
(3) Tenants in common. Income from property held by husband and wife as tenants in common is reportable by them in proportion to their legal ownership interests in the property, which will generally be equivalent to their ratable contributions to the investment in such property.