Hi everyone,
I am looking to buy a new house and rent my existing. I have 2 questions.
1. If I rent my existing house for 12 months and then sell it within the next 6 months I can reclaim the 2nd home stamp. My question is whether I will need to pay CGT as I have rented it??
2. I will rent the house unfurnished but I need to do some maintenance repairs before renting,
A. Paint the soffits and facia.
B. Replace a threadbare carpet
C. Replace a 3 way CH/HT valve
D. Remove an over grown tree in the garden.
My question is, are these all approved expenses? Can I subtract the costs from the tax I'm due to pay? Is it ok to action these before tenants move in so that I can still claim against tax??
Any advice is appreciated! Thanks
I am looking to buy a new house and rent my existing. I have 2 questions.
1. If I rent my existing house for 12 months and then sell it within the next 6 months I can reclaim the 2nd home stamp. My question is whether I will need to pay CGT as I have rented it??
2. I will rent the house unfurnished but I need to do some maintenance repairs before renting,
A. Paint the soffits and facia.
B. Replace a threadbare carpet
C. Replace a 3 way CH/HT valve
D. Remove an over grown tree in the garden.
My question is, are these all approved expenses? Can I subtract the costs from the tax I'm due to pay? Is it ok to action these before tenants move in so that I can still claim against tax??
Any advice is appreciated! Thanks
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