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TRS Question

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  • 02-03-2009 5:39pm
    #1
    Sizzler
    Registered Users Posts: 5,430 ✭✭✭


    Can anybody tell me what the situation is on mortgage TRS for 1st time buyers if they move house within the first 7 years? i.e. are they still entitled to TRS on their mortgage for the first 7 years regardless of moving from their original first bought home :confused:

    Cheers


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    #2
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    You should find the answer here:

    http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html

    Afaik you get a higher rate as a FTB, and if you sell up and move you clear the mortgage on your first home from the proceeds of the sale. You then get a second mortgage for your next home and are no longer a FTB. You would then go on to the lower rate of TRS.


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    #3
    rameire
    Registered Users Posts: 4,152 ✭✭✭rameire


    year 1 you buy a house
    year 2 you sell the house and buy a new house

    you are still a ftb on the trs system.
    you are still elegible for trs as a ftb.

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



  • Options
    #4
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    rameire wrote: »
    year 1 you buy a house
    year 2 you sell the house and buy a new house

    you are still a ftb on the trs system.
    you are still elegible for trs as a ftb.

    So the TRS FTB rate applies for the first 7 years of a persons mortgage, regardless of buying/selling...............good stuff, thanks.

    OP, excuse my error :)


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