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Family Buy-To-Let
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80howard
Posts: 15 Forumite
Been sent a link to a family buy to let product from The Mansfield building society.
Anyone have any ideas how, if you're not making any actual profit, owning a second property "rented" to a family member affects your tax liability for that property?
Could be a real problem solver for us and my mum.
Thanks in Advance!
http://www.legalandgeneral.com/adviser/mortgage-club/news-and-insight/digest/articles/290118-mansfield.html?bymInteractionId=5971513&utm_source=BriefYourMarket&utm_medium=Newsletter%2c+Email&utm_term=&utm_content=Mortgage+Club+Digest&utm_campaign=Instance%3a+landgdailydigest.briefyourmarket.com+-+MessageId%3a+8219
Anyone have any ideas how, if you're not making any actual profit, owning a second property "rented" to a family member affects your tax liability for that property?
Could be a real problem solver for us and my mum.
Thanks in Advance!
http://www.legalandgeneral.com/adviser/mortgage-club/news-and-insight/digest/articles/290118-mansfield.html?bymInteractionId=5971513&utm_source=BriefYourMarket&utm_medium=Newsletter%2c+Email&utm_term=&utm_content=Mortgage+Club+Digest&utm_campaign=Instance%3a+landgdailydigest.briefyourmarket.com+-+MessageId%3a+8219
0
Comments
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Why won't you make any profit?
Will the allowable expenses exceed the rental income?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I would think you just have a loss each year which you can only set off against similar income. CGT would apply when you sell.0
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