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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?
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?
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 the CGT exemption can be applied for the period you owned the house.
So , if you have owned it for 8 years and then rented it out for 2 years.
You would have an exemption for approx. 80% of the capital gain you made, depending on the CPI for this period.
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.
