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Letting my house

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    #32
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    eobphotography wrote: »
    well I got a really good deal on my home insurance, as I reduced the insurance on the contents it actually came down! I registered with PRTB and for now I think thats all I am doing, I will file a tax return next year, as the rent does not even cover the mortgage I cant imagine I will be taxed much. When do I loose my TRS?

    The moment you walked out the door.

    http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html#section5


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    #33
    littleredspot
    Registered Users Posts: 747 ✭✭✭littleredspot


    I wouldn't wish ill on anyone, but, becoming a landlord without having a clue what your doing is really asking for it these days.
    There's lots of threads about how to do what your doing, you really should read them and/or speak to an accountant.


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    #34
    digzy
    Registered Users Posts: 3,049 ✭✭✭digzy


    eobphotography wrote: »
    well I got a really good deal on my home insurance, as I reduced the insurance on the contents it actually came down! I registered with PRTB and for now I think thats all I am doing, I will file a tax return next year, as the rent does not even cover the mortgage I cant imagine I will be taxed much. When do I loose my TRS?

    I'm afraid that's irrelevant.you have to pay tax on rental income at either the higher/lower rate unless you're operating the rent a room scheme.


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    #35
    Pkiernan
    Registered Users Posts: 4,310 ✭✭✭Pkiernan


    Unfortunately the OP has no idea what she is in for when it comes to file her tax return.

    OP - my advice is talk to an accountant, and then start putting aside money for your tax bill. As a rule of thumb it will be approx 30% of what you are paid in rent (including relevant deductions). So. if you are renting your property for 10k this year, expect a 3k tax bill.

    And, as many have said - it doesn't matter that your mortgage bill may exceed your rent. The rental income is subject to income tax, PRSI, USC and any other applicable taxes.


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