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Taxes on rental income?

Taxes on rental income?

Old Dec 18th 2017, 1:24 pm
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Default Taxes on rental income?

Hi, I wonder if someone might advise me? Our son lives in the US (Tennessee, married an American gal, has children there now, highly unlikely to come back to the UK or move within the US in the short term), and we visit them 2 or 3 times a year. To make everything work well, we're used AirBnB rather than impose ourselves on him for the 2 or 3 weeks we're there each time - gives everyone their own space, and let's us do the grandparent thing ie look after the kids then pass them back when they're tired and ratty!

We've wondered about buying a condo to use as a home for ourselves when we visit - city and county taxes would apply, but the overall running costs seem akin to what we'd pay for AirBnB but we have an asset at the end of it all. We'd look to rent the condo out when we're not there...not necessarily to make money, but anything would help in terms of meeting the running costs

I guess we'd have to declare earnings (net of costs?) to the IRS and pay US taxes. I've no problem with paying correct taxes, but wondered how it worked in terms of our UK residency....would we also be subject to UK tax on the rental income? What rate would we pay? Can we offset all running costs (eg city / county taxes, HOA costs, utilitity costs) and just pay tax on the net income?

Is there anything else that we should be aware of? The estate agent we've spoken to seems to think there is no problem, but I dunno if that is just "lets get my commission" speak......

UK citizens owning property in the US - let's hear your voices!!!!

Thanks!

Mike
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