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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 5733
Experience:  FCCA FCMA CGMA ACIS
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I used to own a property jointly with my brother, until

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I used to own a property jointly with my brother, until recently. It was tenanted and I declared the income and expenses solely in my name, each year. I have since transferred the title to my brother and the mortgage interest I used to declare as expenses, I cannot. This had caused a large loss over the years. However, without the mortgage interest expense, the property produces a sizable income. How can I mitigate my income tax?

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

what has the property income got to do with your Income Tax (IT) position? You no longer own the property.

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 6 months ago.
I have use of the rental property through paying a nominal sum annually to my brother. I account for all the income and expenses bar the mortgage interest.

From long experience I think you will find it easier to ring me. I am on 01750 725420.

I am sorry to hear about your situation and having to give you such gloomy news as a result.

Thank you for your support.