Quarterly Rental Tax Return

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rosiflower
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Joined: Sun Jun 23, 2019 3:39 pm
Location: Yorkshire

Re: Quarterly Rental Tax Return

Postby rosiflower » Sun Apr 05, 2020 2:22 pm

Elusive - thanks for clarifying. Wanted to be sure before submitting. :thumbup:

Ericsbcn - As far as I understand, it won't be like retaining 76% of the rental income as we will no longer be able to make deductions ie. cleaning, laundry, proportion of community free, electricity etc. It will be on the gross rental income so before any deductions.

Please correct me if I'm wrong. Just thinking about what to do next year. :|

elusive
Andalucia Guru
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Joined: Sat Apr 07, 2012 11:49 am
Location: East of Malaga

Re: Quarterly Rental Tax Return

Postby elusive » Sun Apr 05, 2020 7:06 pm

Rent it out longterm.theres a major of lack of property for people to live in.

ericsbcn
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Re: Quarterly Rental Tax Return

Postby ericsbcn » Sun Apr 05, 2020 11:33 pm

rosiflower wrote:
Ericsbcn - As far as I understand, it won't be like retaining 76% of the rental income as we will no longer be able to make deductions ie. cleaning, laundry, proportion of community free, electricity etc. It will be on the gross rental income so before any deductions.
I understand. We're actually in that situation already. We have a place in Spain that we rent out for part of the year. But since we're from the US, we don't get the deductions and have always paid the 24% tax rate.

My point was, no matter how much you pay in taxes, you'll still be left with some income. And some income is better that no income.

- Eric


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