Personal Rent as an expense.

AWB70

Just about to send my tax return over on a property that I rent out, I gave the tenant 3 months written notice to be fair as I was moving out of my property that I had sold with the intention of moving into the property that I rent out permanently however, the tenant stalled and stalled with a myriad of excuses saying properties they were looking into never came off. Eventually I had to move and didn't want to get into a legal wrangle with my tenant just yet as they had children and paid their rent normally on time so I rented out a property myself for four months. just wondering if this is tax deductible at all as it is an expense I incurred through no fault of my own?

societys_child

AWB70 wrote: »

Just about to send my tax return over on a property that I rent out, I gave the tenant 3 months written notice to be fair as I was moving out of my property that I had sold with the intention of moving into the property that I rent out permanently however, the tenant stalled and stalled with a myriad of excuses saying properties they were looking into never came off. Eventually I had to move and didn't want to get into a legal wrangle with my tenant just yet as they had children and paid their rent normally on time so I rented out a property myself for four months. just wondering if this is tax deductible at all as it is an expense I incurred through no fault of my own?

Very much doubt it.

G_M

Simple answer - no.


You have to live somewhere, just as you have to eat (and indeed just as you might choose to take holidays). These are simply the costs of being alive. You cannot claim them as expenses against tax.

You had sold your previous home, so no longer had the expense of maintaining that (mortgage, council tax, utilities, repairs), and you replaced that home with one you rented, which cost you things like.... rent, council tax, utilities,[STRIKE]repairs[/STRIKE] Ooops! No - you're saving money there!


The fact that you chose to do this because of the actions of your tenants is irrelevant.

00ec25

societys_child wrote: »

Very much doubt it.

nothing to doubt

No, No, NO

csgohan4

Wish i could use my residential mortgage to offset my tax

Kynthia

You can only deduct costs if they are wholly and exclusively for the running of your rental business. Renting somewhere to live benefits you as it puts a roof over your head, so it's not exclusively a business cost.