Residential rental Property Tax Deductibles
Do you plan to rent out your residential rental property? Whether you plan to bring in tenants to occupy an existing property or to buy one and rent out, the taxation rules are the same. You have to keep your records well from the first day of renting out.
This will help you when calculating and claiming your tax deductions. To begin with, you should know the expenses to claim as deductions. Do not get tempted to report only a part of your rental income in your tax return though. This can be so problematic in future.
Should you decide to dispose of our residential rental property; any capital gain you will make will be subject to CGT (Capital Gains Tax). But there is an exceptional circumstance where you will not face capital gains tax.
This is when you start to rent out a home you have been occupying. Also, make sure that you know the income to declare, deductible income after many years, selling a residential rental property and so on.
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