Hi,
My wife and I have the opportunity of moving into and renovating a house belonging to my Dad which he rents out. We would in effect be his tenants.
I own my own home for over 5 years and would be renting it out. My dad is declaring the rental income of the house we would be moving to. I would be due to inherit this house in the future. I would then be renting out my own home. Would we both have to be declaring the rental income or is there a way of arranging it so it's just my Dad? Alternatively, would we have to arrange to swap ownership?
thanks
My wife and I have the opportunity of moving into and renovating a house belonging to my Dad which he rents out. We would in effect be his tenants.
I own my own home for over 5 years and would be renting it out. My dad is declaring the rental income of the house we would be moving to. I would be due to inherit this house in the future. I would then be renting out my own home. Would we both have to be declaring the rental income or is there a way of arranging it so it's just my Dad? Alternatively, would we have to arrange to swap ownership?
thanks