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How to Calculate Tax on Rental Property, in the UK?

 

Calculating tax on rental property in the UK requires understanding various aspects of taxation, including allowable expenses, tax rates, and specific schemes available to landlords. This first part of our comprehensive guide will focus on the foundational knowledge needed to navigate the UK's tax landscape for rental properties as of 2024.

 


How to Calculate Tax on Rental Property, in the UK


Understanding Rental Income Tax

Rental income tax in the UK is levied on landlords who rent out property. This income is added to other personal income forms for the tax year, and the total is subject to Income Tax. The personal allowance for the year is £12,570, below which no tax is payable on rental income. The tax rates then align with personal income tax bands: 0% for income up to £12,570, 20% for income between £12,571 and £50,270, 40% for income between £50,271 and £125,139, and 45% for income above £125,140​​​​.

 

Allowable Expenses

To accurately calculate your taxable rental profit, you can deduct certain allowable expenses exclusively related to renting out your property. These include:


  • General Maintenance and Repairs: Costs for upkeep, fixing broken appliances, or repainting, excluding improvements or extensions​​​.

  • Professional Fees: Fees for letting agents, accountants, and property management companies​.

  • Utilities and Council Tax: If paid by the landlord for the property​.

  • Insurance: Buildings, contents, and public liability insurance​.

  • Replacement of Domestic Items: Costs for replacing furniture, appliances, and kitchenware, provided it's a like-for-like replacement​​​.


Notably, mortgage interest deduction rules have changed. Before April 2020, mortgage interest could be fully deducted from rental income. However, from the 2020/2021 tax year onwards, landlords receive a basic rate tax reduction of 20% on their finance costs instead of deducting them from rental income​.

 

Tax Calculation and Bands

Your taxable rental income, after deducting allowable expenses, is added to your other income to determine your total taxable income for the year. The UK's tax system for 2024 maintains the basic rate at 20% for incomes up to £50,270, with a planned reduction to 19% yet to be confirmed​​. Special considerations apply if you live on the property or if it's a buy-to-let or second home. For instance, the Rent-a-Room Scheme allows a £7,500 tax-free allowance if you rent out part of your residence​​.

 

Record Keeping

Accurate record-keeping of your income and expenses is crucial for managing your rental business effectively. This includes maintaining rent books, receipts, invoices, and bank statements to support your tax filings and potentially avoid fines​.

 

This foundational knowledge is essential for any UK landlord looking to navigate the tax implications of their rental properties efficiently. Understanding these basics will set the groundwork for more detailed strategies and considerations in managing your property portfolio's taxation, which we will cover in the subsequent parts of this guide.



Specific Scenarios and Advanced Tax Considerations 

 

Joint Ownership and Tax Implications

When property is owned jointly, the way rental income and allowable expenses are reported depends on the relationship between the owners. For unmarried partners, each individual's share of the profit is based on their ownership percentage. Married couples and civil partners, however, are usually treated as owning the property 50/50 for tax purposes, unless a declaration is made that profits and losses are divided according to actual ownership proportions. This can significantly affect the tax calculation, particularly where one partner is in a lower tax bracket​.

 

Rental Income from Abroad

For UK landlords with rental properties abroad, the income must be reported in the UK and may also be subject to tax in the country where the property is located. However, double taxation agreements are in place in many countries, meaning you can often offset tax paid abroad against UK tax due on the same income. This requires careful record-keeping and potentially the need to file tax returns in both countries​.

 

Navigating Losses

If your allowable expenses exceed your rental income, resulting in a loss, these losses can be carried forward to offset against future profits from the same rental business. However, you cannot use these losses to reduce your tax liability on other sources of income. This rule allows for some flexibility in managing the profitability of your rental business over time. It's particularly relevant for landlords who may have made significant investments in their properties that have not yet translated into rental income​.

 

Advanced Tax Planning Strategies

 

Incorporation

Some landlords choose to hold their properties within a limited company structure. This approach can offer significant tax advantages, particularly for higher or additional rate taxpayers, as the company will pay Corporation Tax on profits, which is lower than the higher rates of Income Tax. However, this comes with additional regulatory and administrative responsibilities, including filing annual accounts and corporate tax returns. The decision to incorporate should be made in consultation with a tax advisor, considering both the immediate tax implications and the longer-term impact on your investment strategy​.

 

Capital Gains Tax Considerations

When selling a rental property, Capital Gains Tax (CGT) may be due on the profit made from the sale. It's important to keep records of the purchase price, sale price, and any capital improvements made during ownership, as these can affect the CGT calculation. There are specific reliefs and allowances available to landlords, such as Private Residence Relief if the property has been your main home at any point during ownership.

 

Utilizing Allowances and Reliefs

Several reliefs and allowances can reduce the tax liability for landlords. These include the Replacement of Domestic Items Relief, which allows for the cost of replacing furniture or appliances to be deducted from rental income. There's also the property allowance, a £1,000 tax-free allowance for property income that can simplify tax affairs for smaller landlords​.

 

This section of our guide has covered critical aspects of managing and optimizing the tax situation for UK rental properties. From joint ownership considerations to the implications of foreign properties and the strategic use of losses, these insights are designed to help landlords navigate the complex tax landscape. The final part of our guide will explore practical steps for filing and paying taxes, ensuring compliance, and planning for future tax liabilities.


Practical Steps

Now, we will focus on the practical steps for filing and paying taxes, ensuring compliance with HMRC regulations, and strategic planning for future tax liabilities. This part aims to equip landlords with actionable insights to navigate their tax obligations efficiently.

 

Filing Your Tax Return

All UK landlords earning rental income above the £1,000 property allowance must report their income and expenses to HMRC via a Self Assessment tax return. The deadline for submitting this return is October 31st for paper forms and January 31st for online submissions, following the end of the tax year on April 5th. It's crucial to maintain accurate records of all rental income and allowable expenses throughout the year to facilitate this process. Late submissions or payments can result in penalties, making timely compliance essential​.

 

Paying Your Rental Income Tax

After calculating your taxable rental profit by deducting allowable expenses from your total rental income, this amount is added to your other income to determine your total tax liability. Tax on rental income is paid through the Self Assessment system, with payments due by January 31st following the end of the tax year. Payments on account, which are advance payments towards your tax bill, may be required if your tax bill is over a certain threshold, typically £1,000​.

 

Strategic Tax Planning

 

Utilize Allowances and Schemes

Maximizing the use of allowances and schemes can significantly reduce your tax bill. For instance, the Rent-a-Room Scheme offers a tax-free income threshold of £7,500 for landlords renting out furnished accommodation in their own home. Additionally, understanding the nuances of the property income allowance and the marriage allowance can further optimize your tax position​.

 

Plan for Capital Gains Tax

If you're considering selling a rental property, planning for Capital Gains Tax (CGT) is critical. CGT is charged on the profit (gain) you make from selling the property. Several reliefs, such as Private Residence Relief and Lettings Relief, can reduce the CGT payable, depending on your circumstances. Keeping detailed records of the purchase and sale prices, as well as costs of any improvements, is vital for calculating your CGT liability accurately.

 

Consider Professional Advice

The complexity of property taxation means that seeking professional advice can be highly beneficial. Tax advisors or accountants specializing in property can offer tailored advice to optimize your tax position, ensure compliance, and plan for future liabilities. They can also keep you informed of any changes in tax legislation that may affect your rental business.

 

Successfully managing the tax implications of rental property in the UK requires a comprehensive understanding of the tax regime, diligent record-keeping, and strategic planning. By effectively utilizing allowances, understanding the implications of joint ownership or rental income from abroad, and planning for taxes like CGT, landlords can optimize their tax position. Regularly reviewing your tax affairs, preferably with the assistance of a tax professional, will ensure you remain compliant while maximizing your rental income's profitability.

 

This guide has walked you through the essentials of calculating tax on rental property in the UK, from foundational knowledge through to advanced considerations and practical compliance steps. With this information, landlords can navigate the complexities of property taxation, ensuring a well-managed and profitable rental business.

 


A Hypothetical Real-Life Example of Tax Calculation for Rental Property

Let's imagine a hypothetical scenario involving a landlord, Alex, who owns a rental property in the UK. This example will illustrate how to calculate tax on rental income, incorporating various factors and expenses to give a comprehensive overview of the process. Alex's financial and property details for the tax year 2023/2024 are as follows:


  • Rental Income Received: £18,000 (This is the total annual rent collected from tenants).

  • Allowable Expenses:

  • Mortgage Interest: £4,000

  • Property Maintenance and Repairs: £1,500

  • Insurance (Building and Contents): £500

  • Letting Agent Fees: £1,200

  • Council Tax (paid by Alex for periods of vacancy): £1,000

  • Utility Bills (also during vacancies): £300

 

Step 1: Calculate Net Rental Income

The first step is to subtract the total allowable expenses from the total rental income received to determine the net rental income.

Net Rental Income=Rental Income−Total Allowable ExpensesNet Rental Income=Rental Income−Total Allowable Expenses

Net Rental Income=£18,000−(£4,000+£1,500+£500+£1,200+£1,000+£300) Net Rental Income=£18,000−(£4,000+£1,500+£500+£1,200+£1,000+£300)

Net Rental Income=£18,000−£8,500=£9,500Net Rental Income=£18,000−£8,500=£9,500

 

Step 2: Determine Taxable Income

Alex's other taxable income (from employment) for the year is £35,000. To find the total taxable income, we add the net rental income to this amount.

Total Taxable Income=Employment Income+Net Rental IncomeTotal Taxable Income=Employment Income+Net Rental Income

Total Taxable Income=£35,000+£9,500=£44,500Total Taxable Income=£35,000+£9,500=£44,500

 

Step 3: Calculate Tax Liability

For the tax year 2023/2024, let's use the following tax bands (these are hypothetical figures for the purpose of this example):

  • Personal Allowance: Up to £12,570 - 0% tax

  • Basic rate: £12,571 to £50,270 - 20% tax


Alex's total taxable income falls within the basic rate band. However, we must first subtract the personal allowance to find the amount of income subject to tax.



Income Subject to Tax=Total Taxable Income−Personal Allowance

Income Subject to Tax=£44,500−£12,570=£31,930Income 


Now, calculate the tax owed on this amount at the basic rate of 20%.


Tax Owed=Income Subject to Tax×20%Tax Owed=Income Subject to Tax×20%

Tax Owed=£31,930×20%=£6,386Tax Owed=£31,930×20%=£6,386

 

Step 4: Consider Additional Factors

If Alex had made any allowable purchases that qualify for replacement of domestic items relief or had any other deductible expenses not considered here, those would need to be factored into the calculation to adjust the taxable income or tax owed.

 

In this hypothetical example, Alex would owe £6,386 in tax on his rental income, after accounting for employment income and allowable expenses. It's important to note that this example simplifies the calculation process and does not account for every possible variable, such as losses carried forward from previous years, adjustments for the finance cost restriction, or any tax reliefs that might apply. Landlords are encouraged to seek professional advice to ensure all factors are considered in their specific situation.

 

This scenario underscores the importance of keeping detailed records of all income and expenses related to rental properties and staying informed about tax legislation changes that could impact tax liabilities.

 


How to Pay Tax on Rental Property, in the UK - A Step by Step Guide

Paying tax on rental property in the UK is a critical responsibility for landlords. This step-by-step guide is designed to navigate through the process, ensuring you meet your tax obligations efficiently and effectively. From understanding your taxable rental income to filing your tax returns, each step is crucial in the journey of tax compliance.

 

Step 1: Understand Your Taxable Rental Income

Your taxable rental income is the rent you receive minus the allowable expenses. Allowable expenses include maintenance and repairs, utility bills if paid by you, insurance, property management fees, and mortgage interest costs, among others. It's essential to keep detailed records of all your rental income and expenses throughout the financial year.

 

Step 2: Register for Self Assessment

If you're a new landlord and haven't previously filed a tax return, you'll need to register for Self Assessment with HM Revenue and Customs (HMRC). This can be done online through the HMRC website. You need to do this by the 5th October following the tax year you had rental income.

 

Step 3: Record Keeping

Accurate record-keeping is vital for managing your rental business's taxes. Keep all receipts, bank statements, invoices, and any documents related to income and expenses. These records must be kept for at least 5 years after the 31st January submission deadline of the relevant tax year.

 

Step 4: Calculate Your Taxable Profit

Subtract your allowable expenses from your total rental income to find your taxable profit. If you have a mortgage, remember that only the interest portion of your mortgage payment is deductible.

 

Step 5: Complete Your Self Assessment Tax Return

Fill in the Self Assessment tax return annually to report your rental income and expenses. Use the property pages (SA105) to do this. You can submit this return online or by paper. The deadline for online submissions is 31st January following the end of the tax year, and for paper submissions, it's 31st October.

 

Step 6: Understand How to Fill in SA105

The SA105 form is where you report income and expenses from UK property. Fill in your total rental income, allowable expenses, and calculate the profit or loss for the year. There are specific boxes for each type of income and expense, so ensure you're familiar with what goes where.

 

Step 7: Pay What You Owe

Once you've submitted your tax return, HMRC will calculate how much tax you owe. Payment is due by 31st January following the end of the tax year. You can pay online, via bank transfer, or through other methods specified by HMRC.

 

Step 8: Consider Payments on Account

If your tax bill is over £1,000, you might need to make payments on account. These are advance payments towards your next tax bill, split into two installments due on 31st January and 31st July. Each payment is half of your previous year's tax bill.

 

Step 9: Reporting Changes and Updates

If your circumstances change, such as selling a rental property or changes in your rental income, you must report these changes to HMRC. This could involve completing additional sections in your next tax return or contacting HMRC directly for significant changes.

 

Step 10: Stay Informed on Tax Legislation

Tax laws can change, so it's crucial to stay updated on any changes that could affect your rental business. HMRC's website, tax advisors, and professional landlord associations are excellent resources for current information and advice.

 

Paying tax on rental property in the UK involves understanding your obligations, keeping accurate records, and timely submission of tax returns. By following these steps and staying informed, you can ensure compliance with UK tax laws, avoiding penalties and maximizing your rental business's financial health. Always consider consulting with a tax professional to get advice tailored to your specific situation, ensuring you take advantage of all allowable deductions and reliefs.

 


How Does the UK Tax System Treat Rental Income Earned by Non-Residents?

The UK tax system has specific rules for non-resident landlords, defined as those who live outside the UK for more than 6 months a year but earn rental income from UK property. Understanding these rules is essential for non-residents to ensure compliance and optimize their tax situation. This article explores how the UK tax system treats rental income earned by non-residents, focusing on aspects not covered in the previous discussion on calculating tax for UK-based landlords.

 

Non-Resident Landlord Scheme (NRLS)

The Non-Resident Landlord Scheme (NRLS) is a crucial component of the UK tax system concerning non-residents earning rental income from UK properties. Under NRLS, the default position is that tenants or letting agents must withhold tax from the rent at the basic rate before passing the payment to the landlord. This ensures that part of the income tax due on the rental income is collected upfront. However, non-resident landlords can apply to receive their rent without tax being deducted at source, but they must still declare this income on a Self Assessment tax return and pay any tax due.

 

Tax Rates and Allowances

Non-resident landlords are subject to the same income tax rates and bands as UK residents on their rental income after allowable expenses. The personal allowance, which reduces the amount of income subject to tax, is also available to many non-residents, depending on their country of residence and any applicable double taxation agreements.

 

Double Taxation Agreements (DTAs)

The UK has DTAs with many countries, designed to prevent the same income from being taxed in two countries. These agreements may allow non-residents to offset tax paid in the UK against their tax liability in their country of residence, or vice versa. Understanding how these agreements apply is vital for non-resident landlords to ensure they do not pay more tax than necessary.

 

HMRC Reporting and Payment

Non-resident landlords must register with HMRC and complete a Self Assessment tax return each year, reporting their UK rental income and any allowable expenses. The deadline for submitting the return and paying any tax due is the same as for UK residents: 31st January following the end of the tax year. Failure to meet these obligations can result in penalties.

 

Expenses and Deductions

While the treatment of expenses and deductions for non-resident landlords is broadly similar to that for residents, specific rules may apply, particularly regarding finance costs and how they are deducted. Non-residents should ensure they are fully aware of which expenses are allowable to accurately calculate their taxable rental income.

 

Capital Gains Tax (CGT)

When a non-resident sells a UK property, they may be liable to pay CGT on any gains. Recent changes to UK tax law have tightened the rules on CGT for non-residents, making it more important than ever for non-resident landlords to understand their CGT obligations, including reporting and payment deadlines.

 

Letting Relief and Private Residence Relief

These reliefs, which can reduce the CGT payable on the sale of property that has been let out, are subject to specific conditions and may be available to non-residents in certain circumstances. However, the rules around these reliefs have been tightened, and non-resident landlords should seek advice to understand their eligibility.

Estate and Inheritance Tax

Non-resident landlords should also be aware of the UK's inheritance tax (IHT) rules, as UK property forms part of their estate for IHT purposes. The rules around IHT can be complex, particularly for non-residents, and planning ahead can help mitigate potential IHT liabilities.

 

Professional Advice

Given the complexity of the UK tax system, non-resident landlords are strongly advised to seek professional tax advice. A tax advisor with expertise in non-resident tax affairs can provide tailored advice, ensuring compliance with UK tax laws while optimizing the landlord's tax position.

 

The UK tax system's treatment of rental income earned by non-residents involves a series of rules and regulations designed to ensure that tax is fairly collected while recognizing the international nature of many landlords' affairs. From navigating the NRLS to understanding the impact of DTAs and managing CGT liabilities, non-resident landlords face a unique set of challenges. With careful planning and professional advice, however, it is possible to manage these obligations effectively, ensuring that rental income from UK properties contributes positively to a non-resident landlord's investment portfolio.

 


How a Property Tax Accountant Can Help You with Rental Property Tax Management


How a Property Tax Accountant Can Help You with Rental Property Tax Management?

Managing taxes on rental properties in the UK can be complex and challenging, especially for landlords who are not fully versed in the intricacies of tax legislation. This is where a property tax accountant becomes invaluable. A property tax accountant specializes in real estate and rental property taxation, offering expertise that can help landlords navigate tax planning, compliance, and optimization strategies effectively. Their role is crucial in ensuring that you meet all your legal obligations while maximizing your tax-efficiency.

 

In-depth Understanding of Tax Legislation

Property tax accountants have a deep understanding of UK tax laws, including those specifically related to rental properties. They stay updated on all changes to legislation, ensuring that advice and strategies provided to clients are based on the most current information. This expertise is essential for landlords to comply with regulations while taking advantage of any available tax benefits.

 

Strategic Tax Planning

A property tax accountant can assist in developing a strategic tax plan that considers both short-term and long-term objectives. Whether it's structuring property ownership in the most tax-efficient manner, deciding between individual or limited company ownership, or planning for Capital Gains Tax, a tax accountant can guide these decisions with a focus on minimizing tax liability and enhancing returns on investment.

 

Maximizing Allowable Expenses

Identifying and claiming all allowable expenses related to rental properties can significantly reduce taxable income. A property tax accountant can ensure that you're accurately recording and claiming legitimate expenses, from maintenance and repairs to professional fees and mortgage interest. They can advise on what expenses are allowable and how to document them properly for tax purposes.

 

Handling Complex Scenarios

Rental property taxation can become complicated in scenarios involving multiple properties, properties owned jointly, rental income from abroad, or transitioning properties from personal to rental use. Tax accountants are skilled in handling these complexities, ensuring that all legal requirements are met and that tax liabilities are minimized.

 

Compliance and Reporting

Filing tax returns can be daunting, but a property tax accountant can manage the entire process, from preparing and filing returns to dealing with HM Revenue and Customs (HMRC) on your behalf. They ensure that all necessary forms, such as the SA105 for property income, are correctly completed and submitted on time, helping to avoid penalties for late or incorrect filings.

 

Capital Gains Tax Advice

Selling a rental property may result in a Capital Gains Tax (CGT) liability. A property tax accountant can offer advice on reliefs and exemptions that might reduce CGT, such as Private Residence Relief and Lettings Relief, and plan disposals to minimize the tax impact.

 

Estate Planning

For landlords concerned about the future and looking to pass on their property portfolio to heirs, a property tax accountant can provide invaluable estate planning advice. This includes structuring ownership to mitigate Inheritance Tax liabilities and ensuring a smooth transfer of assets.

 

Resolving Disputes with HMRC

If disputes or inquiries arise from HMRC, having a property tax accountant by your side can be a significant advantage. They can communicate effectively with tax authorities, represent your interests, and help resolve issues efficiently.

 

Saving Time and Reducing Stress

Managing the tax aspects of a rental property can be time-consuming and stressful. A property tax accountant takes on this burden, allowing landlords to focus on other aspects of their property business or personal life, knowing that their tax affairs are in expert hands.

 

Continuous Support and Advice

Beyond annual tax returns, a property tax accountant can provide ongoing support and advice throughout the year. This can include guidance on record-keeping, tax implications of property repairs or improvements, and strategies for tax-efficient property management.

 

The role of a property tax accountant in managing rental property taxes in the UK cannot be overstated. Their expertise not only ensures compliance with complex tax regulations but also positions landlords to take full advantage of tax-saving opportunities. By forming a partnership with a skilled tax professional, landlords can navigate the challenges of property taxation with confidence, ultimately leading to better financial outcomes for their rental business.

 


FAQs

Q1: Can I deduct the cost of improving my rental property from my taxable income?

A: No, improvements to your rental property are considered capital expenses and cannot be deducted from your rental income. However, they may be eligible for relief when calculating Capital Gains Tax if you sell the property.


Q2: How does the UK tax system treat rental income earned by non-residents?

A: Non-resident landlords are still required to pay tax on rental income earned from UK properties, but the process differs slightly. They can choose to have their rental income taxed only on the net profit after allowable expenses or be taxed under the Non-Resident Landlord Scheme at a flat rate on the gross rental income.


Q3: Is it mandatory to use a letting agent to manage my rental property, and can I deduct their fees?

A: It is not mandatory to use a letting agent, but if you do, their fees are considered allowable expenses and can be deducted from your rental income.


Q4: How do I claim tax relief on furniture and fittings for my rental property?

A: You can claim Replacement of Domestic Items Relief for the cost of replacing furniture, furnishings, appliances, and kitchenware provided to tenants. The replacement must be a like-for-like or nearest modern equivalent.


Q5: Can I deduct the full amount of my mortgage payments from my rental income?

A: No, you can only deduct the interest portion of your mortgage payments, not the principal repayment.


Q6: What happens if I make a loss on my rental property?

A: If you make a loss, you can carry this loss forward to offset against future profits from your rental properties. However, you cannot use this loss to reduce your tax on other types of income.


Q7: Are there any special tax considerations for furnished holiday lettings?

A: Yes, furnished holiday lettings in the UK, EEA, Switzerland, and Norway are subject to different tax rules. They can qualify for certain reliefs and allowances, such as Capital Allowances and the ability to offset losses against other income.


Q8: Can I claim expenses for a property that is not yet let?

A: Yes, pre-letting expenses incurred up to seven years before the rental business begins can be deductible if they would have been allowable had they been incurred while the property was being rented out.


Q9: How does marriage or civil partnership affect rental income tax?

A: If you own property jointly with your spouse or civil partner and the property income is not split 50:50, you must inform HMRC and may need to file a declaration form to be taxed on your actual share of the profits.


Q10: Is there a threshold for when I have to start paying tax on rental income?

A: You have to start paying tax on rental income once it exceeds your Personal Allowance if you have no other income, or when it, combined with your other income, exceeds the threshold for the basic rate tax band.


Q11: How can I report changes in my rental income or expenses to HMRC?

A: Changes in your rental income or expenses should be reported in your annual Self Assessment tax return. Significant changes during the tax year may also need to be reported directly to HMRC.


Q12: Are utility bills paid by the tenant deductible from my rental income?

A: No, if the tenant is paying the utility bills directly, these costs cannot be deducted from your rental income as they are not incurred by you.


Q13: What if I only rent out a part of my property?

A: If you rent out part of your property, you can only claim expenses related to the part that's rented out. If you rent out a room in your home, you might be eligible for the Rent-a-Room Scheme.


Q14: Can I deduct the cost of travel to my rental property?

A: Yes, travel costs directly related to the maintenance and management of your rental property are allowable expenses.


Q15: How do I pay tax on rental income if I live abroad?

A: If you live abroad for more than 6 months a year, you're considered a non-resident landlord by HMRC. You can choose to join the Non-Resident Landlord Scheme, which allows your tenants or letting agents to deduct tax at the basic rate before paying you. Alternatively, you can apply to receive your rent without tax deducted, but you must still declare this income on a Self Assessment tax return.


Q16: What is the Property Income Allowance?

A: The Property Income Allowance is a £1,000 tax-free allowance for individuals with small amounts of income from land or property.


Q17: Can I offset mortgage arrangement fees against my rental income?

A: Yes, mortgage arrangement fees can be considered allowable expenses and deducted over the life of the mortgage or in the year they are incurred, depending on the accounting.

 


 

 

 

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