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Rental Income - Tax - Combining Properties
Silver_Mist
Posts: 3 Newbie
Hello, I am hoping that someone might be able to point me in the right direction on this one.
I have a house which I rent out - it was through neccessity in that the redemption penalty was so high when i had to move with work, I have never yet made a profit and so carry forward the loss each year (still below the redemption penalty).
I am now married and my husband rents out his old batchelor pad - this has no mortgage on and he makes a profit after expenses.
Can we combine them somehow so that we can bring forward MY losses (now OURs! LOL) and knock them off HIS profit (now also OURs).
If so, do we have to transfer them all into joint names? or can we just use a joint income approach?
Any advice would be fantastic.
Thanks
SM
I have a house which I rent out - it was through neccessity in that the redemption penalty was so high when i had to move with work, I have never yet made a profit and so carry forward the loss each year (still below the redemption penalty).
I am now married and my husband rents out his old batchelor pad - this has no mortgage on and he makes a profit after expenses.
Can we combine them somehow so that we can bring forward MY losses (now OURs! LOL) and knock them off HIS profit (now also OURs).
If so, do we have to transfer them all into joint names? or can we just use a joint income approach?
Any advice would be fantastic.
Thanks
SM
0
Comments
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anyone any ideas?0
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Have you spoken to the tax office? They are usually really helpful, especially where you are already registered and everything is above board.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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You can combine them if you jointly own both properties. If you own one and your husband then you can not.0
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