S Scouser Registered User Messages 128 15 Oct 2015 #1 If I but a new house and decide to rent my old house, do I need to pay income tax on the rental income before I make a mortgage payment? Is the mortgage payment an allowable expense or is it only the interest portion?
If I but a new house and decide to rent my old house, do I need to pay income tax on the rental income before I make a mortgage payment? Is the mortgage payment an allowable expense or is it only the interest portion?
P Protocol Registered User Messages 4,670 15 Oct 2015 #2 75% of the interest is allowable as a deduction from the gross rental income. There are other deductions as well.
75% of the interest is allowable as a deduction from the gross rental income. There are other deductions as well.