MikejpsrMember@mikejpsrJoin Date: 2012Post Count: 1
Hi, I'm in a situation where i own 50% of a house with an ex partner, due to the poor market conditions right now we dont want to sell as we may get less than what we owe on it, we have decided to rent it out until the market improves and it occurs to me that i would like to live there instead of renting elsewhere. My ex partners main issue is she wants to be entitled to all the tax benefits associated with recieving rental income and the question is can this be done with me renting the house we each half own?TerrywParticipant@terrywJoin Date: 2001Post Count: 16,190kong71286Participant@kong71286Join Date: 2009Post Count: 261
From what I've read so far on these forums, you should be able to continue to claim the usual deductions associated with owning an Investment Property, provided you charge yourself market rent for use of the property and declare this as income.Kohlhagen GroupMember@kohlhagen-groupJoin Date: 2011Post Count: 58
Your 50% will be private as you live in the house.
Your ex's 50% can be rented out. The tax treatment for them is pretty much the same as if the whole house was rented, they claim 50% of expenses etc.PrimePropertyInvestorMember@primepropertyinvestorJoin Date: 2012Post Count: 48
If it is BTL property you can easily rent it out part of property, any your ex partner might be entitled to tax benefits.PrimePropertyInvestorMember@primepropertyinvestorJoin Date: 2012Post Count: 48
If it is BTL property you can easily rent it out part of property, any your ex partner might be entitled to tax benefits.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,018
Sorry Prime that is incorrect.
As the boys have already mentioned the claim will be proportional to the Title ownership.
Yours in FinanceJacqui MiddletonParticipant@jacmJoin Date: 2009Post Count: 2,539