Good Evening
I haven't been able to find the answer to this anywhere else so i am hoping you can help? We have a second property and are considering renting it out as it is in negative equity. If we later decide to sell it, do we deduct the mortgage amount owed from the gain? ie there will not be a gain once we deduct what we owe the bank.
Thanks
I haven't been able to find the answer to this anywhere else so i am hoping you can help? We have a second property and are considering renting it out as it is in negative equity. If we later decide to sell it, do we deduct the mortgage amount owed from the gain? ie there will not be a gain once we deduct what we owe the bank.
Thanks