Message Forums

Quote: Originally posted by woodman2 on 21/2/2020

---

I think that as the house is in your name and not his, then you could have problems.

He would be gaining a benefit from your asset.

---

Quote: Originally posted by Trunnion on 03/3/2020

---

hope this bit of information helps. Both my parents passed away, I then rented the house out for 20 years. I had to register the property with the local council. they inspect the property to ensure all is in order, electrics, gas, etc. Also inform the tax people, as if tax has to be paid, its on the second year, so when you sell, you still owe 12 months tax. All the rent etc was in my name, its complicated enough. Then if you already own a property, and you sell, you are liable for capital gains.
Renting is a mine field, if you get a bad tenant & theirs plenty, you have to keep up with repairs. I am a plumber, so did most myself. If you get a bad tenant, getting them out is another issue, On the surface renting sounds good,a lot of pit falls?

---

Quote: Originally posted by MisterB1959 on 19/2/2020

---

in england, we apportion the profit element to my wife as an 80/20

we can change that to 99/1 i understand. we both own the properties but its more tax efficient for my my wife to 'earn' the majority of the profit as i have a pension and my wife doesnt work and is below retirement age, which means she uses up all her personal allowance on rental income, saving us around 2k per year

if youre unsure, use an accountant or read the tax cafe books, they are very useful and are tax deductable ..

---