Mortgage Interest Relief on Investment Property

[kerbs]

hi there,
wondering if you could help?? I am a bit behind on filing for my taxes this year but hoping to get it done this week...
I bought a property roughly 5 years ago on my own. I lived there for approx. a year and then moved in with my boyfriend into his house. We are now married, living in his original house and have recently bought a new house (together) which we are waiting to complete.
My house has been rented out the last 4 years- when I got my interest cert this week - which I requested from the bank for my taxes - it stated that I have not got any mortgage interest relief on the property? Is that right? I am going to check my records but I thought I always got relief on it previously?? We got married last year and let the tax office now so wondering if that has anything to do with it?
Does anyone know if I 1. qualify? 2. if I do can I claim it back now??

Thanks a lot!!
kerbs

 

[ClubMan]

I bought a property roughly 5 years ago on my own. I lived there for approx. a year and then moved in with my boyfriend into his house.

...

My house has been rented out the last 4 years

Did you pay the stamp duty clawback liability which fell due once you rented the property out within 5 years of purchase as an owner occupier? If not then this is long overdue.

when I got my interest cert this week - which I requested from the bank for my taxes - it stated that I have not got any mortgage interest relief on the property? Is that right? I am going to check my records but I thought I always got relief on it previously??

See this thread.

Interest Relief on Mortgage for Rented Apt.

Have you been declaring/paying rental income tax up to now? Is the property PRTB registered? Perhaps you need independent, professional advice?

 

[kerbs]

Hi - I have been declaring rental income for the entire time the house has been registered and the property has been registered as well.
So my understanding now is that I can offset the interest paid on rental income- is that correct?
kerbs

 

[ClubMan]

Hi - I have been declaring rental income for the entire time the house has been registered and the property has been registered as well.
So my understanding now is that I can offset the interest paid on rental income- is that correct?

You should have been doing that all along. I'm not sure if you can backdate claims for such relief.