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Tax Implication of Renting Your Own House

  • 15-02-2010 5:45pm
    #1
    WDVladB
    Closed Accounts Posts: 29 ✭


    Hi,

    I am looking for advice on the tax implications of renting my own house that I own to someone and then renting another house for myself. Do I get taxed on the income from the rental from my own house or can I write one off against the other ?? Any advice would be appreciated.


Comments

  • #2
    wishful thinker
    Closed Accounts Posts: 78 ✭✭wishful thinker


    WDVladB wrote: »
    Hi,

    I am looking for advice on the tax implications of renting my own house that I own to someone and then renting another house for myself. Do I get taxed on the income from the rental from my own house or can I write one off against the other ?? Any advice would be appreciated.

    Irish tax system works on taxing your income......so you would be taxed on income received from renting.

    You might incur costs such as insurance, mortgage interest - that you can claim against the income.

    You cannot claim the cost of you renting another house.

    Also, if you rent out your PPR (Principle Private Residence), this would affect your PPR CGT exemption if you sold it at a later stage - meaning you'd end up paying some tax.:mad:

    What about the idea of rent-a-room relief - you could rent out ROOMS in your house and as long as the full annual income is less than 10k, then there would be not income tax due. But, this house would still be your PPR (officially)


  • #3
    WDVladB
    Closed Accounts Posts: 29 ✭WDVladB


    Thanks for that, very helpful although not exactly great. Do you know if I can claim all of my mortgage interest or is there a cap on this ?? I think I'm due to pay in excess of €8,000 this year so it would be good if I could at least claim this back


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