I am looking for some advice as I am totally clueless on this matter. I am looking at the prospect of renting out my current property and buying a new one. I am still receiving trs on my current residence and understand that I will lose this when it becomes a rental property. I am just wondering if I will qualify for it on the new house, and if so at what rate, say if i bought this year or next?
Many thanks for your response. I am just unsure where I stand considering I will have a rental property aswell. I will not be claiming trs on that property so if I buy another by end of this year can I claim trs for that one?
I bought my home in 07. I had an apartment before that which I bought and sold in 06. I am currently in receipt of the 30% trs as I bought in the boom.
This table would suggest that you will get TRS of 15% until 2017, but only if you buy by the end of this year. If you buy next year, you will get no TRS at all.
Once a property ceases to be your home you cannot claim TRS. You can instead deduct 75% of the mortgage interest from the rent, a lot higher tax allowance than TRS. Make sure you know what you are getting into by renting. It's getting to be a very costly business.