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Tax on rental income

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  • 16-06-2009 10:22am
    #1
    AnnaPK
    Closed Accounts Posts: 1 ✭


    Hi,

    I own a one bed apartment (bought 2 years ago). I am moving in with my boyfriend and want to rent out this apartment. Judging by rents in the area, I will be able to rent it out for about 200 euro less than I pay for the mortgage. Will I still have to pay tax on it?

    Thanks,

    Anna
    Tagged:


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    #2
    Barracudaincork
    Closed Accounts Posts: 773 ✭✭✭Barracudaincork


    Depends on when you bought the property you could have stamp duty issues, (assuming you were a first time buyer) if you rent out the property.

    Yes you will still pay tax on your rental income, but you can deduct the interest as an expense, (provided you register your tenant with the PRTB). The full amount of the interest is not deductible, only 75% of the total interest is.


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    #3
    partyguinness
    Registered Users Posts: 8,207 ✭✭✭partyguinness


    You have about 7k per year tax free (rent a room relief) on rental income from what I can rememeber...but it must be a room in your own home.


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    #4
    Barracudaincork
    Closed Accounts Posts: 773 ✭✭✭Barracudaincork


    partyguinness wrote: »
    You have about 7k per year tax free (rent a room relief) on rental income from what I can rememeber...but it must be a room in your own home.


    Rent a room is now 10K.

    As the OP has a one bed apartment, this would not apply.


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