JR 08
Joined: 3/22/2023
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Let out a property while renting myself
If my husband and I buy a property together with mortgage, then we let out the property to someone. Let say we receive 1800 pounds each month. But due to mortgage, we need to repay interest to bank, say 500 pounds a month. And we need to rent another for ourseleves to live somewhere, that we need to pay 1600 pounds a month. I wonder if I can take the 1600 pounds I pay as a tax relief? Because that fact is, I didn't not earn anything, I received 1800, but need to pay out 2100 each month. In this case, do I still need to pay tax on the rental I receive?