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Tax on Rented out Property
XBluey
Posts: 6 Forumite
Hi all,
I am a high rate tax payer, my wife pays at 20%. We jointly owned a house (owned outright) that we rented out and spilt the income for tax purposes. We offset property costs between us. I have now transferred ownership in full to her (in September 2017) to reduce the tax I pay. Can my wife and I split any maintenance costs for work carried out for all FY 2017/2018 or can I only claim for work carried out between Apr and Sep 2017? Typical that we had large bills just after transfer of ownership.
Thanks.
I am a high rate tax payer, my wife pays at 20%. We jointly owned a house (owned outright) that we rented out and spilt the income for tax purposes. We offset property costs between us. I have now transferred ownership in full to her (in September 2017) to reduce the tax I pay. Can my wife and I split any maintenance costs for work carried out for all FY 2017/2018 or can I only claim for work carried out between Apr and Sep 2017? Typical that we had large bills just after transfer of ownership.
Thanks.
0
Comments
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obviously if you transferred ownership to her wef Sept 17 then all costs incurred after that date fall on her, not on you0
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