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principal residence and CGT?
I live with my wife and daughter in our house, on which i pay a repayment mortgage. Current value around £140,000.
I also own another property on which I am due to finish paying the mortgage in March 2013. Current value around £90,000. I currently rent this property.
My question is : should I declare the rented property as my principal residence, or should I declare my marital home as my principal residence.
What, then, would be my CGT liability ?
3 Answers
- ?Lv 71 decade agoFavorite Answer
If the property is rented then how can you possibly say it is your priciple residence? Unless you are an MP of course.
Why would you have a CGT liability? You mentioned nothing about selling either of the properties. You need to pay tax on the rental income.
- Anonymous4 years ago
For the era the valuables is used to offer assessable incom (confident, that's taxable) you will additionally be waiting to declare as a deduction any activity on the interior maximum loan, any maintenance and maintenence, any agent expenditures, land and water expenditures, and landlords coverage, besides as any depreciation and different eligible deductions. you are able to declare this regardless of no remember if it exceeds the earnings or in any different case.
