Interest Only Property
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paul332
Posts: 11 Forumite
in Cutting tax
Hi,
I have a flat with an interest only mortgage. Is my understanding correct that I can deduct my monthly mortgage from the taxable amount? I am only paying interest every month so it should be counted as expenses right?
Thanks
Paul
I have a flat with an interest only mortgage. Is my understanding correct that I can deduct my monthly mortgage from the taxable amount? I am only paying interest every month so it should be counted as expenses right?
Thanks
Paul
0
Comments
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This is a buy to let property?
http://moneyfacts.co.uk/guides/buy-to-let/tax-on-buy-to-let-property-and-income290312/0 -
Hi,
I have a flat with an interest only mortgage. Is my understanding correct that I can deduct my monthly mortgage from the taxable amount? I am only paying interest every month so it should be counted as expenses right?
Thanks
Paul
you can offset mortgage interest against the rental income if you are letting the property out (along with other relevant expenses)0
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