Tax implications of renting half your house

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From: Rae B


Hi All,

I am just about ready to buy my first house to live in and am looking at having a friend share the expenses (rent them half the house).

My question is: What can be claimed ie, loan repayments, rates, repairs, etc, and at what percentage?

Any personal experiences would be muchly appreciated.

Ta in advance.

Rae
 
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Reply: 1
From: Scott Marshall


I think it would be cheaper just to take the rent from their half. Work it out, you will probably be about square when you consider all the costs, eg. cgt, split loans, friend moving out in 6 months.
Maybe you could rent the whole house to your friend with a 12 month lease, and you could include in that lease a TV, washing machine etc.. Great Quantity Surveyors you won't pay any tax at all, but you will have to live with mum.
Cheers
Scott
 
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