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Renting my house - tax question

splashthecash · 2010-03-25 19:26:53

Hey, I'm planning on renting my house out (fully, not that rent a room scheme) and want to know whats the rate of tax that I'll pay on the rental income? Can any help me out with this query?? Cheers

25-03-2010 8:26pm

#1

splashthecash

Registered Users Posts: 2,320 ✭✭✭

Join Date: July 2009

Posts: 1924

Hey,

I'm planning on renting my house out (fully, not that rent a room scheme) and want to know whats the rate of tax that I'll pay on the rental income?

Can any help me out with this query??

Cheers

0

Comments

#2 25-03-2010 11:29pm

Bookkeeper09

Registered Users, Registered Users 2 Posts: 266 ✭✭

Join Date: April 2009

Posts: 251

You will pay 20/41% tax on this income.
If you are using the total amount of your standard rate cut of point against other income(possibly paye employment) the the rental income will be taxed at 41%. If you are not using your full tax credits they can be offset against this. You can also offset expenses in relation to the property against any rent received. If there is a mortgage on the property you can offset against the interest on the mortgage against it(you must be registered with the PRTB to do this)
Also if you rent out the property you wont be eligible for tax relief on your mortgage payments.

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