Renting our House Tax Info Needed....

[mtjt25]

Hi

We are looking to rent our house next year whilst we travel.

Unfortunatly there are some things we need to do before its rented that we probably wouldn't do if we were staying - but from a safety perspective need to be done imo to rent.

What I am wantiong to know is there anyway the money for this work can be put through on tax as we will still be living in the house when it is done?

Thanks

[Mummaof2]

Generally no as only the costs incurred while you are renting out the property are tax deductible.

But I would call an accountant as they would be able to advise you on this better as Im sure tax laws have changed in the last 2 years since I worked in accounting.

[mtjt25]

Hi mummaof2

Thanks for that - I thought this would be the case but then I figured that people who buy investement propertys and renovate would I assume out through the costs

Will ring an accountant and doubble check = thanks