What can I offset if I rent out my property?

[tina ann]

If I rent my apartment out long term and rent another apartment for me, can I offset the rent off my rental income??? I hope you understand!!!

Also what else can you offset?

Thanks

[willowlily]

i know in the uk you cannot and i should imagine the tax laws are no different here
it could be a grey area in tenerife with one accountant saying one thing and another saying another, the upside is you could most probably offset their fees as a tax deductable expense " or maybe not " depends whether you have enough taxable income left.

[seanocelt]

An example of how Doreen's input will be missed, would have answered in a jiffy, and correctly. Maybe she will read this and PM the answer.

[pollye]

If you are from the EU you can offset expenses such as Canarian council tax, basura, water rates, community fees, rental agents fees, accountants fees, mortgage fees, anything that pertains to the apartment that is paid by you not the tenants. Tax is charged on the remainder after expenses taken off. Currently just under 25%. If you are not from EU then tax is taken off the full amount of the rental income.

[tina ann]

Thanks for the imput, I new you could claim for the regular stuff like basura, community etc, just kind off hoped we could offset the rent on the place we might be going too, but had a feeling this would not be so.

thanks