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My property portfolio: sell/keep & CGT
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Does that mean you could spend 1 month in each house before selling all 3??
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No, you must nominate one as your home. Do not sell two houses in the same fanancial year (runs April to April) or you can only use your allowance once. You could sell one now and one after April and be OK.0
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silvercar wrote:mortgage interest (not any elements of capital repayment) can be set against rental income to reduce income tax liability. You can lump your total rent against your total interest as they together form your letting "business"; pprovided the same person (s) own the proerties..
Are you sure about this? I thought each property was a seperate thing and you cant set interest and repairs on one against rent on another?0 -
pbradley936 wrote:Did call the accountant, was a shop (hairdressers, which mother used to run)with flat above. Sold flat and used allowance, sold shop and took advantage of roll over.
So you bought another commercial/business property then did you?0 -
jonnyw wrote:Are you sure about this? I thought each property was a seperate thing and you cant set interest and repairs on one against rent on another?
Yes. Part of the money to buy my BTL is secured on my residential mortgage!
Try landlordzone.co.uk forum for good tax advice.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
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