Hi, if I rented out my property and the rental income didn't cover my mortgage payments would I have to pay tax on the rental income?
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I would have thought not, since you only pay tax on any profit you make from the rental income and you do not appear to be making any profit.Originally posted by rosiem View Post'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations -
Only the interest component of the mortage though, not the repayment component (if you have a repayment mortgage rather than an interest-only one)Comment
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We (?) pay tax on the profit (not the income): Profit after deducting approved expenses - including mortgage interest (but not mortgage repaymemts...)would I have to pay tax on the rental income?
Cheers!
LodgerI am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...Comment
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Are you a non-resident landlord?Comment
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