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Tax relief on 2 properties?

tweety76 · 2007-08-16 08:19:27

Hi, I need advice. I am in the process of buying a new 2nd property and because of the "issues" in the current market we are considering letting our first property instead of selling. Can someone tell me if I will lose the tax relief on the 2nd property as we will now have 2 properties? i.e that we will still get tax…

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16-08-2007 9:19am

#1

tweety76

Registered Users Posts: 747 ✭✭✭

Join Date: September 2005

Posts: 697

Hi,
I need advice. I am in the process of buying a new 2nd property and because of the "issues" in the current market we are considering letting our first property instead of selling. Can someone tell me if I will lose the tax relief on the 2nd property as we will now have 2 properties? i.e that we will still get tax relief on the first house but not the second? Also can anyone tell me what is the % of tax I will have to pay for monthly "profit" on our first property. Thanks

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#2 16-08-2007 9:28am
scargill

Registered Users Posts: 1,679 ✭✭✭

Join Date: June 2004

Posts: 1541

I presume you mean Mortgage Interest Relief ? This relief is only available on your primary residence.

All is answered here: http://www.revenue.ie/faqs/trs_relief.htm

When you say tax on "profit" above I presume you mean Income Tax on your rental income ?

This is answered here: http://www.revenue.ie/index.htm?/leaflets/it70.htm

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