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Landlord tax

  • 12-01-2010 3:09pm
    #1
    Curley
    Closed Accounts Posts: 10 ✭


    Hi all
    I am hoping that some of you might be able to help me here.
    Here's my story:
    My husband and I both own a house each.
    We are living in my husband's house at the moment.
    We are thinking of renting out my property.
    What i dont know is, what tax do landlords have to pay? do they pay 20% tax or is it the higher bracket based on my house earning per year?
    rent prices are falling and I am wondering if it's worth the hassle financially to rent it out. The mortgage may not be covered at all times because of rent prices falling.
    Can someone please give me a brief outline of how being a landlord actually works financially? I dont want to step into something and then regret it later.
    I might be better off selling it than keeping it to rent.
    The market will be slow to turn around again too.

    many thanks in advance
    kirsten


Comments

  • #2
    johnc2212
    Closed Accounts Posts: 27 ✭johnc2212


    as a landlord your rental income will be assesed as schedule d case V, from this you can deduct letting expenses i.e. service charges, management charges, letting charges, mortgage interest @ 75% (if registered with the PRTB, the PRTB registration fee. You can also claim capital allowances on fixtures and fittings acquired for the property.

    Income less deductions/allowances is then taxable and calculated by adding to your total income for the year. Its done on a self assessment basis by 31st Oct or 2 weeks later if online.

    Any deficits are carried forward against rental income in the next tax year.


  • #3
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    There is a link in the stickies that outlines rental income and tax.

    I really wish people would read the resources. This is the fifth thread this fortnight on the same topic


  • #4
    johnc2212
    Closed Accounts Posts: 27 ✭johnc2212


    relax, not everyone is as proficient as you in negotiating the site. People want answers not lectures.


  • #5
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Well John, if you had read the charter you would know that we are not running a free advice shop here.

    I generally lock property threads as a rule so leaving it open is as generous as I'm getting today.

    If you want to question mod functions start a thread in feedback. Consider this a warning.


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