Wessel & Company’s Post

Renting to Family Members As rents continue to rise in many areas, you may decide to help your financially challenged family members by renting a property to them at a discount. But this can lead to the loss of significant tax deductions... Read more: https://zurl.co/YdfO

Renting to Family Members As rents continue to rise in many areas, you may decide to help your financially challenged family members by renting a property to them at a discount. But this can lead to the loss of significant tax deductions... Read more: https://zurl.co/eCmf

Renting to Family Members - As rents continue to rise in many areas, you may decide to help your financially challenged family members by renting a property to them at a discount. But this can lead to the loss of significant tax deductions. https://buff.ly/3LKtLly

If you get an income from renting out a property, you will likely be needing to complete a Self-Assessment Tax Return, and pay tax on any income received. There are several expenses you can claim against your rental income profit which will reduce the amount of tax you owe. In this article we look at Landlord business expenses https://buff.ly/451ujeO

Renting to Family Members As rents continue to rise in many areas, you may decide to help your financially challenged family members by renting a property to them at a discount. But this can lead to the loss of significant tax deductions. Here's a look at the tax treatment that applies when you rent to unrelated parties and how the rules change when you rent to relatives. Read more: https://lnkd.in/g-CQ84q Know What You're Getting Into Helping family members with housing expenses is a nice thing to do. But be aware of the tax consequences of renting to relatives. Contact the office at (925) 944-1881 for assistance with these decisions. #BusinessAndFamily #FamilyRental #JGRCPA

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The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax exemption is automatic if you earn less than £7,500 and there are no specific tax reporting requirements. If required, homeowners can opt out of the scheme and record property income and expenses as usual. #RentARoom #RentARoomTaxRelief

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax exemption is automatic if you earn less than £7,500 and there are no specific tax reporting requirements. If required, homeowners can opt out of the scheme and record property income and expenses as usual. #RentARoom #RentARoomTaxRelief

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax exemption is automatic if you earn less than £7,500 and there are no specific tax reporting requirements. If required, homeowners can opt out of the scheme and record property income and expenses as usual. #RentARoom #RentARoomTaxRelief

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax exemption is automatic if you earn less than £7,500 and there are no specific tax reporting requirements. If required, homeowners can opt out of the scheme and record property income and expenses as usual. #RentARoom #RentARoomTaxRelief