Automatic deduction Interests on Mortgages are automatically deducted in the Balance section. Manual deduction You can also deduct the interests manually. To do so, add them as a New expense in Finances. This way they will appear in the Balance section.
Taxable income In general you’ll pay income tax on the revenue you get from renting out a property. The taxable amount is the sum left once you’ve added together your rental income and deducted any allowable expenses or allowances. Your income is primarily the rent you receive but also covers any other payments from tenants for services normally provided by a landlord. If you charge any non-refundable deposits for your property these will also count as rental income, as will the money that’s kept over from a returnable deposit at the end of the tenancy. Allowable expenses a landlord can Read more