Lavenderlady Posted August 5, 2004 Share Posted August 5, 2004 We're buying a house in Vaucluse, which will be a holiday home until we move there in 5 years or so. A friend of ours has asked us if she could rent it, long term. This would suit us fine, as it will bring in some money and mean we have a house-sitter. But what are the tax implications? How much could we expect to be taxed for? Thanks Link to comment Share on other sites More sharing options...
Evianers Posted August 5, 2004 Share Posted August 5, 2004 It is a sliding scale as far as I am aware, so depends upon how much the person pays you in rent. However, you can off-set any structural and/or major repairs against tax whilst it is rented out. Ergo, if you take up this person's offer, take our advice and have any repairs done whilst they are in residence. Obviously you still have to pay the bills, but do receive either a credit or a certain amount back. Link to comment Share on other sites More sharing options...
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