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Advice for a landlord.

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  • 29-01-2012 7:57pm
    #1
    David09
    Registered Users Posts: 541 ✭✭✭


    Just wondering if anyone can give some advice in this situation.

    Suppose I inherited a house 10 years ago that was previously my family home. I now decide to rent the property to a tenant who is in receipt of rent subsidy. What are my obligations and what tax must I pay on rental income? Is there a rent threshold on the amount of rent charged over which tax becomes liable, or, is the rental income combined to my earnings and taxed as a whole?

    I'm asking this question on behalf of someone else whom I know.


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    #2
    Avns1s
    Registered Users Posts: 3,422 ✭✭✭Avns1s


    The rental income is combined with your earnings and taxed as a whole.

    Only thing is that you can set the costs you have in renting, against the income you have.

    One word of advice, have a lease agreement in place before incurring costs like additional furnishings, etc. Costs in getting a place ready for a first letting are not able to set off against income for tax purposes if I recall correctly.


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