House sale dilemma….

[milanbenes]

Wilmsloowwwwwwwwwwwwwwwww,

I seek forgiveness in advance for such a stooopid question...

In the event that you are not able to find somebody to rent your house, from your income do you have enough cash to cover both mortgages ?

I know it's a stooooopid question, forgive me, but was just wondering.

All the best,

Milan.

[DiscoStu]

Wilmsloowwwwwwwwwwwwwwwww,

I seek forgiveness in advance for such a stooopid question...

In the event that you are not able to find somebody to rent your house, from your income do you have enough cash to cover both mortgages ?

I know it's a stooooopid question, forgive me, but was just wondering.

All the best,

Milan.

I'm sure he can invent a new fantasy income to cover his fantasy mortgages...

[milanbenes]

DiscoStewpot,

you are sooooo not with it

these days my son, it's not about incomes,

no no, these days, you got debt problems, you just borrow more

good innit

it's the new money you know

Milan.

[ASB]

I understand I pay tax just on the ‘profit’ and can reclaim tax from any household expenditure. Hmm… wonder if that includes mileage for researching 10 different carpets in shops 100 miles apart? I can but dream on that one I guess…….

HMRC give a decent guide to Schedule A income.

HINT: Maximise the mortgage on the rental property to as near 100% of it's value at the time you started letting it since this is all chargeable against the income.

Check the CGT position and consider whether you may want to make a PPR election.

BTW I do a 300 mile trip 3/4 time a year to my rental property and charge that. Strangely it seems to coincide with me playing golf nearby.

[DiscoStu]

DiscoStewpot,

you are sooooo not with it

these days my son, it's not about incomes,

no no, these days, you got debt problems, you just borrow more

good innit

it's the new money you know

Milan.

I was referring to the fact that it's highly dubious whether Wilmslow or either of his mortgages actually exist at all