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