Tax for Rental Property

callansdad

Hi there, 5 years ago i rented out a flat for about 8 months .. i have just recently had a letter from the HMRC requesting details of all monies received and any expenses i can claim against my income.

Can i claim deductions for mortgage payments, home insurance, and solicters fees for selling the property( i sold it with the sitting tenant).

Thanks all

fengirl_2

You can claim mortgage interest relief, insurance, agents fees, council tax and water rates (if paid by you). The solicitors fees are set against the Capital Gain. You did declare the Capital Gain, didnt you?????

Fire_Fox

I thought you didn't pay capital gains tax on a property sold, if it was once your main residence and then let for less than three years? However the rental income minus expenses should have been declared at the time and there may be penalties for this.

fengirl_2

OP should still have declared the sale.

reddevilled

fengirl wrote: »

OP should still have declared the sale.

Should they? If the home was their main residence and was sold within 3 years then it does not need to be declared on the tax return.