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cowdude | 21:40 Sun 06th Jul 2008 | Business & Finance
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want to rent out my house that i own and rent a house that is closer to work. do i have to pay tax on the income if i'm paying out the same as i'm getting in
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Avatar Image Ethel
The rent you pay has nothing to do with it.

The rent you receive is an income that will be taxed - but don't forget you can offset expenses against the rent income (but not the rent you pay out)
00:24 Mon 07th Jul 2008
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Avatar Image cowdude
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sorry must have pushed wrong star
12:16 Tue 08th Jul 2008
Avatar Image WoWo
He gave her one star because subconsciously he knew she hadn't given the full answer.

Do you have a mortgage on the property you will be renting out? If so you will get tax relief on the interest payments. So if the mortgage is �500 a month and you rent it out for �600 tax would only be payable on the �100 difference.
14:27 Wed 09th Jul 2008

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