What Tax issues will I have If I rent out my Home and I am renting out another

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edenrose

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We are thinking of moving to a different area ,We have our house for sale at the moment but have got no viewing at the moment. We are thinking of moving in the next few months but if we cannot sell our house we are thinking of renting it out, and renting ourselves in the new area. We have been living in our home for the last 5 years.
What are the Tax implications of doing this. And is it worth while doing it this way.I know we could release equilty in our house to purchase another but this is a bit to risky for us at the moment.Any ideas?
 
Re: What TAx issus will I have If I rent out my Home and I am renting out another

Hi edenrose,

If you've owned it for over 5 years, then there will be no clawback of stamp duty.

You will need to pay tax on the rental income but you'll be able to use mortgage interest as well as other expenses to offset this.

You'll need to register the tenancy with the PRTB.
 
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