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Tax evasion?

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cassa333 | 06:05 Tue 22nd Mar 2011 | Criminal
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Just wondered on this one.

A friend has a property they let out. I think they have had it for about 6 yrs and have always made a loss. They are looking at selling and making a profit that way in a few years.

Should htey do a tax return? I remember a couple of years ago he said he had a form from the tam man and when he filled it in there was a question about rental property. Because he didn't make a profit he put no by it?

I recon he should do a tax return but he says as he hasn't made a profit he doesn't need to.
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well put it this way, if he doesn't and he's wrong he's in the doo doo.......
when you say he dosen't profit, are you saying he pays people to live there??!
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Sorry I might not have explained it properly.

He hasn't made a profit. Overall there is a loss. No year of rental has yealded a profit.
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But there is still the possibility of capital gains tax even if he's clear on the income tax front

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Tax evasion?

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