Might be becoming a landlord

alxmorgan

Hello all,

Sorry is this is not the correct place for this thread - feel free to move as I couldn't find a better place.

Anyway I am considering buying a property to rent out.

But I haven't a clue what I need to do legally.

I have had a look at oasis.gov website but thats not much help.

I did see mention of having to register tenancy
http://www.oasis.gov.ie/housing/renting_a_flat_or_house/registering_a_tenancy.html

But what about tax ? What do I have to pay and how do I go about doing it ?
Are the mortgage payments taken into account when calculating tax take ?

Any help greatly appreciated.

Thanks.

antoinolachtnai

Part of the mortgage payment is an allowable expense - the interest part. The repayment of the principal is not. There is a leaflet on the revenue site about this: http://www.revenue.ie/leaflets/it70.pdf

alxmorgan

Ok thanks for that.

Would you perchance recommend getting an account.
I'm looking at stuff like wear and tear and wondering will I miss out on claiming for everything if I try to do it myself.

Also how do I go about stating how much rental income I am getting to the revenue ?

thanks again

antoinolachtnai

The tax have a form that you have to fill in before October the following year.

I would get someone professional to file your accounts. It's just better. (Although it will cost you 500 or so per year, realistically.

giddyup

Revenue leaflet it70 should tell you everything you need to know. Personally I don't think there is any need for an accountant for handling the books on one rental property. It's pretty straightforward.

Check www.askaboutmoney.com which is a great Irish forum for getting the info you are looking for.