ChatterBank4 mins ago
renting out a house
Hi
I was wondering if i rent my house out to someone else, what is classed as profit? on the government website, it states: 'You pay tax on any profit as part of your overall income'
Is profit what is left after the mortgage has been paid? for example rent is 500 mortgage is 460 there is 40 profit to pay tax on? or is it the 500 ??
trying to work out if it is worthwhile while the market is so slow for selling at the moment
I was wondering if i rent my house out to someone else, what is classed as profit? on the government website, it states: 'You pay tax on any profit as part of your overall income'
Is profit what is left after the mortgage has been paid? for example rent is 500 mortgage is 460 there is 40 profit to pay tax on? or is it the 500 ??
trying to work out if it is worthwhile while the market is so slow for selling at the moment
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