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You will pay taxes on a home sale on amounts of gain in excess of the excludable amount. This type of gain will be taxed at the capital gains tax rate. If youâve owned the home less than one year, any gain over the excludable amount will be taxed at a rate that will be the same as your ordinary income tax rate.
Your rental profits are taxed at the same rates as income you receive from your business or employment â 20%, 40% or 45%, depending on which tax band the income falls into. You have to pay tax on the profits you make in each tax year â these run from 6 April, to 5 April the following year.You must declare rental income for the tax year itâs due, even if youâre not paid until the tax year is over.In terms of expenses, you can deduct any allowable expenses which relate to work done for a particular tax year â it doesnât matter whether you pay the bill before or after the end of the tax year.aying your tax. You have to pay tax on the profits you make in each tax year â these run from 6 April, to 5 April the following year. You must declare rental income for the tax year itâs due, even if youâre not paid until the tax year is over.