Transitioning from homeowner to landlord and tenant

carpediem

Hello,

In the planning stages of becoming a landlord and a tenant and need some advice please. Here is my situation:

1) Current apartment owner with outstanding ECB tracker mortgage.

2) Apartment was purchased in 2005.

3) Letting out apartment and moving to a different area where I will rent.

4) Rent collected on mortgaged property will be less than mortgage by approx €130/mth.

5) Rent paid on rental property will be greater than current mortgage payment by €220/mth.


Would like to know a little more about the following:

A) Tax implications.

Possibility of keeping ECB tracker mortgage (approx 6 yrs remaining) on my property even though it will be rented out.

Am aware that TRS on my mortgaged property will be lost and that there are several items a landlord may claim as expenses to offset some of the tax due on the rental income.

Any other tips or advice?

Thanks so much in advance!

Mr. Incognito

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