Buying a holiday home back in the UK
#1
Buying a holiday home back in the UK
Hello,
We are thinking of buying a flat back in the UK as we tend to visit every summer and are fed up of staying with my parents.
Could someone please tell me:
1) If we rent out the property the rest of the year, what information do we have to give to the IRS? Address of property, date bought, amount, mortgage, etc? Or just the rental income & expenses?
2) If we do NOT rent out the property the rest of the year, do we have to tell the IRS anything about it?
Cheers
We are thinking of buying a flat back in the UK as we tend to visit every summer and are fed up of staying with my parents.
Could someone please tell me:
1) If we rent out the property the rest of the year, what information do we have to give to the IRS? Address of property, date bought, amount, mortgage, etc? Or just the rental income & expenses?
2) If we do NOT rent out the property the rest of the year, do we have to tell the IRS anything about it?
Cheers
#2
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Joined: Aug 2002
Location: Kentucky
Posts: 38,865
Re: Buying a holiday home back in the UK
2) If we do NOT rent out the property the rest of the year, do we have to tell the IRS anything about it?
Ian
#3
Re: Buying a holiday home back in the UK
Thanks Ian that's great. One further question, if we decide to leave it empty most of the year, do we still have to pay Council Tax on that property? Or is there a minimum number of days you must stay there? And how do you prove this? Cheers
#4
Re: Buying a holiday home back in the UK
That will depend on the council....I have properties in a few different council areas, and they are all different - some you can leave empty for up to a year before you need to start paying council tax, others its 6 months, and one kicks in at 3 months, but only for 50% of the liability. Only way to know for sure is to ask the council that collects for the property you are buying.
#5
Re: Buying a holiday home back in the UK
As Yorkieabroad said it depends on your council. I have to pay full council taxes but depending where you live you may not have to. Contact the local council offices for clarification.