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Renting out our home (buy2let) - Need tax advice!!!
florence888
Posts: 5 Forumite
Dear fellow Moneysavers,
My husband and I are planning to rent out our home and rent somewhere else. We will wait until we see something we like and will buy another place.
Meanwhile, we need advice on property tax planning before we rent out our home. Our home is under my husband's name (he is high tax payer and I am not working). The net income from rental will be very minimal becasue the rent collected and our mortgage repayment (interest only) would be almost the same. We wouild like to know:
a. If there is any tax benefit to add my name into the title (for future capital gain tax) ?
b. Does it matter if we transfer the title before renting out the property or wait when we want to sell?
Many thanks for your help in advance.
Flo
My husband and I are planning to rent out our home and rent somewhere else. We will wait until we see something we like and will buy another place.
Meanwhile, we need advice on property tax planning before we rent out our home. Our home is under my husband's name (he is high tax payer and I am not working). The net income from rental will be very minimal becasue the rent collected and our mortgage repayment (interest only) would be almost the same. We wouild like to know:
a. If there is any tax benefit to add my name into the title (for future capital gain tax) ?
b. Does it matter if we transfer the title before renting out the property or wait when we want to sell?
Many thanks for your help in advance.
Flo
0
Comments
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why not talk to a l ocal accountant ? - or even the local inland revenue office ?0
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