We bought an apartment at the height of the boom. Despite the house price increases, it is still only worth about 75 per cent of what we paid for it. Since it makes no sense to sell it, we would like to rent it out to tenants and then rent a small house ourselves (having teenagers rather than small children now).
If we rent out the apartment for an amount that is less than the rent we are paying on a “new” place, do we have to pay tax on that rental income? Would it make a difference if the rental income was lower than the mortgage?
I had hoped the rental income would largely finance the “new” place, and that we could top it up. If we have to pay tax on the former, the “top-up” would have to be much greater (and essentially render the whole idea
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