Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all! We have been experiencing an issue on site where threads have been missing the latest postings. The platform host Vanilla are working on this issue. A workaround that has been used by some is to navigate back from 1 to 10+ pages to re-sync the thread and this will then show the latest posts. Thanks, Mike.
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Transferring equity between mortgages for taxc purposes

  • 19-11-2009 3:57pm
    #1
    LadFromLimerick
    Registered Users Posts: 78 ✭✭


    Hi all,
    I have 2 mortgages at the moment (same as everyone else in the country it seems!), mortgage 1 is on my own residence and mortgage 2 is on a rental property.
    Mortgage 2 is nearly paid off and therefore the interest I can write off against my rental income is minimal. Is there anything stopping me from releasing equity from my rental property and using it to pay off some of mortgage 1 (which would increases the interest payments on mortgage 2 and therefore reduce my tax liability on the rental income).
    Would appreciate any advice.


Comments

  • #2
    Bobby1984
    Registered Users, Registered Users 2 Posts: 268 ✭✭Bobby1984


    This is forbidden. Only interest on the funds used to purchase the rental property are allowed as a deduction against rental profits when calculating your income tax. You cannot take out a new loan on this house to buy a car, go on hols or pay off another mortgage on your private residence. You will already be getting mortgage interest relief whether at source or on your income tax return (max relief for 2008 was €1,200).

    Hope this answers your question!


Advertisement