Posted by
Boofit
17 yrs ago
I have just rented out an apartment in furnished state. Am wondering what sort of taxes I should be paying.
I pay salaries tax now. I will probably need to pay tax on the rental income I get.
What expenses/disbursements can I claim on the rental income? The flat is in my personal name. Will I be able to claim:
government rates
management fees
deductions for furniture (newly bought, with receipt)
land tax
mortgage interest
??
Thank you.
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as far as I am aware you are only able to claim tax relief on the interest payments on your mortgage. As I'm leaving soon I had to pay my tax bill early and that was the case there.
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I am already claiming tax relief on interest payment on my mortgage for the flat I am currently living in. I think there is a limit on the amount of relief I can claim - exemption from tax on HK$50,000 of mortgage interest - and I have almost used that up.
I don't know whether or not I can claim exemption on the mortgage interest on the property I RENT out and receive income on. Someone told me that it is possible to claim tax exemption on management fees (treating this as disbursements) and possibly on mortgage interest and other items. Can anyone help please?
I bought the rental property in my own name, not under a company name. Maybe I should have done otherwise...
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