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A house was inherited and the new owner intends to rent it out. The property is some distance away; will travel expenses be deductible for tax purposes? Similar issues arise for a second property purchased near the first
My client inherited a house from his parents a year or so ago. Rather than sell the property he decided to rent it out. The house is about 100 miles away from his own home and he makes regular visits to check the property and carry out any minor repairs. Am I right in thinking that those travel expenses will be deductible from the income for tax purposes?
Part way through last year while visiting the rented property my client spotted a nearby house for sale at an attractive price. He bought this installed central heating and carried out some decorative repairs and this is also now let.
The repair costs exceeded the rent from that property in 2012/13 so can the excess be set against the income from the first property?
Also what happens about the not inconsiderable travel expenses? Can they still...
