Hi,
This is an update on this thread -
http://www.askaboutmoney.com/thread...ncome-and-now-bank-forcing-sale.185848/page-2
Sale is now underway. Solicitor advised to sort this out asap.
Here are my figures. Sorry about alignment. An accountant I spoke to briefly suggested including a wear and tear figure of 1250 euro pa, based on 12.5% of 10k furniture and fittings. Estate agents letting fees for first two year's were 700 & 750 euro. House insurance was roughly 300 euro pa.
As you can see, when 75% of rental income has been calculated, some years we would not be liable, while others we would. Does this look correct, and can you carry on losses, i.e. it's minus 2140.1325 from 08-13, meaning we'd have no tax liability. I have yet to calculate figures for 2014 and 2015 to date.
Interest Rent 75% Insurance Estate Agents Wear & Tear Liability
2008 9276.59 7600 6957.4425 300 750 1250 -1657.4425
2009 10264.77 10660 7698.57 300 700 1250 711.4225
2010 9857.84 7700 7393.38 300 1250 -1243.38
2011 10454.62 8400 7840.965 300 1250 -990.965
2012 8690 8400 6517.5 300 1250 332.5
2013 8189.69 8400 6142.2675 300 1250 707.7325
-2140.1325 TOTAL LIABILITY.
This is an update on this thread -
http://www.askaboutmoney.com/thread...ncome-and-now-bank-forcing-sale.185848/page-2
Sale is now underway. Solicitor advised to sort this out asap.
Here are my figures. Sorry about alignment. An accountant I spoke to briefly suggested including a wear and tear figure of 1250 euro pa, based on 12.5% of 10k furniture and fittings. Estate agents letting fees for first two year's were 700 & 750 euro. House insurance was roughly 300 euro pa.
As you can see, when 75% of rental income has been calculated, some years we would not be liable, while others we would. Does this look correct, and can you carry on losses, i.e. it's minus 2140.1325 from 08-13, meaning we'd have no tax liability. I have yet to calculate figures for 2014 and 2015 to date.
Interest Rent 75% Insurance Estate Agents Wear & Tear Liability
2008 9276.59 7600 6957.4425 300 750 1250 -1657.4425
2009 10264.77 10660 7698.57 300 700 1250 711.4225
2010 9857.84 7700 7393.38 300 1250 -1243.38
2011 10454.62 8400 7840.965 300 1250 -990.965
2012 8690 8400 6517.5 300 1250 332.5
2013 8189.69 8400 6142.2675 300 1250 707.7325
-2140.1325 TOTAL LIABILITY.