Rental income

G

Golfer

Guest
If you borrow for house as an investment and rent it out, do you pay income tax on full rental income (ie income tax) or on the gain over and above the mortgage??

Golfer
 
You pay income tax on the rental income less any allowed expenses including mortgage INTEREST payments but not mortgage CAPITAL repayments if any (e.g. not an interest only mortgage). See this topic for more on the tax issues:
 
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