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New Home Owner

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  • 29-03-2006 6:23pm
    #1
    jondom
    Registered Users Posts: 35 ✭


    I've a quick question regarding registering yourself as a landlord. I have just bought a 3 bed semi. A family member is also on the deeds etc but won't be living there.
    The plan is for me to live in 1 room and rent out the other 2 to my buddies. Now one of the lads has just asked me am i gonna register myself as a landlord so he can claim tax back. What do I have to do to register myself? Does it cost much? What happens if I don't register myself? etc....

    Thanks!


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    #2
    Andrew Duffy
    Closed Accounts Posts: 540 ✭✭✭Andrew Duffy


    This should answer your questions:

    http://www.oasis.gov.ie/housing/buying_a_house_or_flat/rent_a_room_scheme.html


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    #3
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭MorningStar


    The quick answer is you don't need to register so your friend can claim tax back.
    As you are owner occupier you can earn rent tax free of your property up to €6k I think (rent a room scheme). I guess it would be more complex with another owner and they would have to pay tax on income they get. You really need proper finacial advise as the oasis site is not full inclusive and only a guide.


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    #4
    jondom
    Registered Users Posts: 35 ✭jondom


    Thats exactly what I needed. Thanks Andrew!


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    #5
    jondom
    Registered Users Posts: 35 ✭jondom


    ...and thanks morningstar. Ya my ownership situation is quite complex so it might be worth getting professional advice. cheers


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    #6
    podgeen
    Registered Users Posts: 1,176 ✭✭✭podgeen


    As MorningStar said you will be able to claim tax relief under the rent a room scheme so your share of the rent. The other individual who is on the deeds will be liable for tax on his share of the rent but they can offset various expenses against it. For example the interest paid on the mortgage, well 50% of the interest because you will have paid the other 50%. You can find details relating to this on revenue.ie.

    In you have any questions feel free to pm me.


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    #7
    threebeards
    Registered Users Posts: 1,040 ✭✭✭threebeards


    MorningStar wrote:
    The quick answer is you don't need to register so your friend can claim tax back.
    As you are owner occupier you can earn rent tax free of your property up to €6k I think (rent a room scheme). I guess it would be more complex with another owner and they would have to pay tax on income they get. You really need proper finacial advise as the oasis site is not full inclusive and only a guide.

    Yeah that's right. The figure you can earn from the scheme is €7,618 per annum tax free


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    #8
    Victor
    Registered Users Posts: 78,392 ✭✭✭✭Victor


    I would suggest you do get advice on this or alternatively have the relative live with you. ;)


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