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Re: Investment Property Income


@ColinC wrote:

Hello,

 

How best may I account for income from an investment property?  Under tax profile there is an 'other income' box.  Should I put in there the profit figure only (i.e. Rent, minus mortgage, service charge and other costs?).  Or is there a better way of accounting for it?

 

Thanks!

 

Colin


Tax reporting can be weird, I can not help with the UK tax reporting specifics but maybe if I explained the US method for this it will get you started looking in the right direction

 

In the US we have a form for rental property reporting (schedule E) which covers rental income, mortgage, taxes, expenses, etc.  I would think the UK has something similar

 

But generally speaking you do not just enter net anything.  Enter income as well as expenses.