We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Buy to let tax uncertainty

Hi, I'm hoping the very knowledgeable readers of this forum will be able to help with some uncertainty I have.  In short, I have 2 rental properties, one of which I'm in the process of selling.  However, when the previous tenants eventually left, I had to spend about £2,500 on repairs to make good all the damage they caused.  It wasn't anything catastrophic, mostly painting most internal walls, replacing the carpets which had all been irreparably stained and damaged, replacing a broken shower, a minor boiler repair and putting right a few other issues.  Whilst I'd be confident that the cost of the repairs would be deductible against my profits if I planned to re-let the property, I can't find a definite answer on whether this is still acceptable due to the fact I'm now in the process of selling the property.  I'd be grateful for any advice that could be offered on this matter

Comments

  • Jeremy535897
    Jeremy535897 Posts: 10,753 Forumite
    10,000 Posts Fifth Anniversary Photogenic Name Dropper
    You have two rental properties, and assuming that they are both of the same type (landlord repairing leases) rather than one LRL and one furnished holiday let, you have one rental business. You should therefore be able to deduct these expenses that arose from the rental business against the income, even though they are incurred on a property that won't be let in the future.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.2K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.2K Work, Benefits & Business
  • 600.9K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 259.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.