What to do with following expences whilst renting out student accommodation (commune)?
By Marc Sevitz · Updated
1. Do I enter bond payments for the property anywhere?
2. What about security payments to Chubb?
3. What about Furniture & appliances - all rooms are furnished.
1. Only the interest from the bond payments can be deducted as an expenses against the income earned from the rent.
2. Security payments/expenses will be allowed to be claimed as a deduction.
3. The furniture can be deducted using the wear and tear depreciation methods as the cost is related to earning income from the rental.
2. Security payments/expenses will be allowed to be claimed as a deduction.
3. The furniture can be deducted using the wear and tear depreciation methods as the cost is related to earning income from the rental.