Hi guys
A friend of mine has a property which he rents out a room to a couple. He is now is a position that he has to move back to the family home to care for an elderly parent.
There is a possibility that the current couple will rent the house totally.
So for the owner to become a landlord is it just a matter of
1. Register the house with PRTB
2. Tell the bank about of situation regarding TRS etc
Also he is self employed so the rental income will be part of his tax return, so anything he should be aware of here?? and how is this tax calculated on the property.
all replys most welcome.
A friend of mine has a property which he rents out a room to a couple. He is now is a position that he has to move back to the family home to care for an elderly parent.
There is a possibility that the current couple will rent the house totally.
So for the owner to become a landlord is it just a matter of
1. Register the house with PRTB
2. Tell the bank about of situation regarding TRS etc
Also he is self employed so the rental income will be part of his tax return, so anything he should be aware of here?? and how is this tax calculated on the property.
all replys most welcome.