Student finance

Rental income - which figure ?

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When completing the parent's income section of a student loan application, which income figure should be used for a landlord?

I am referrring to mortgage interest.

Can we deduct all mortagge interest to arrive at the 'profit' figure ?

Thansk in anticipation....

 

Replies (4)

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By SXGuy
22nd Jul 2020 08:33

What would you do about other expenses not allowable for reducing your tax bill? The same would follow suit wouldn't it.

Are they asking for net income or gross income?

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Replying to SXGuy:
By johngroganjga
22nd Jul 2020 08:56

But all the interest reduces the tax bill - just in different ways.

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Replying to johngroganjga:
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By SXGuy
22nd Jul 2020 12:01

Yes it does. But one part reduces taxable profit, the other reduces the tax you pay. The other doesn't reduce taxable profit.

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By Wanderer
22nd Jul 2020 10:27

Think it was discussed on here a few years ago and, completely from memory, it was all interest and there was something in the application guidance notes that confirmed this.

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