@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.
