Jlee replied to the topic advice on renting out primary residence and renting elsewhere in the forum Legal & Accounting 15 years, 4 months ago
Thanks for your feedback, Richard and Duckster.OK I get it that I can't claim the cost of renting another house as tax deducrion from the rental of my own house. But if I happen to still have a mortgage on my house, guess I would have been able to claim mortgage repayments against the rental income?
Jlee replied to the topic advice on renting out primary residence and renting elsewhere in the forum Legal & Accounting 15 years, 5 months ago
I own a biggish house which is now fully paid up. I intend to put it up for rent and rent a smaller place to live. Will I be able to claim the rental I pay for the smaller house as tax deductions from the income I get for renting my own house? Is anyone able to advise on this?
Jlee replied to the topic Capital Gains Tax in the forum Legal & Accounting 15 years, 10 months ago
Hi lifeX, I've also heard the same (as mentioned by you). On the other hand, I've also heard that I could perhaps get 100% exemption as long as I don't claim any other property as my main residence during the period that my house is rented out. This is so confusing!
lifeX wrote:
I am not qualified to answer this … however. I understand that…[Read more]Jlee replied to the topic Capital Gains Tax in the forum Legal & Accounting 15 years, 10 months ago
Thanks, Dan42. But do I qualify for 100% CGT exemption (when I sell my property) or only partial?
Dan42 wrote:
No, as you will still qualify for the main residence exemption, for up to 6 years.