I would like to have some advise on submitting tax returns for a retal property. I purchased a BLT property in March 2008. My first tenants moved out 6 months later having accrued 4 months rent arrears. I was totally disillutioned & did not want the hassle with other tenants.
Since October 2008 I have not rented the property, but have allowed my daughter to live there. She has not been paying rent but has been paying the mortgage cost more or less every month. Therefore, I did not submit tax returns as I was not getting any rental income on the property.
I am planning to rent the property now. I would like to know whether I would be liable for tax prior to now?
Thanks
Since October 2008 I have not rented the property, but have allowed my daughter to live there. She has not been paying rent but has been paying the mortgage cost more or less every month. Therefore, I did not submit tax returns as I was not getting any rental income on the property.
I am planning to rent the property now. I would like to know whether I would be liable for tax prior to now?
Thanks