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TRS halved in recent months - correct?

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  • 01-03-2012 10:31pm
    #1
    NIMAN
    Registered Users Posts: 33,602 ✭✭✭✭


    Before I call them, wanted to check out if there was a reason for it.

    Moved to a house just over a year ago. TRS was in and around the €80/85 per month.

    Last 3 months or so it has dropped off to low €40s.

    Anyone know reason why?


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    #2
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    NIMAN wrote: »
    Before I call them, wanted to check out if there was a reason for it.

    Moved to a house just over a year ago. TRS was in and around the €80/85 per month.

    Last 3 months or so it has dropped off to low €40s.

    Anyone know reason why?

    When you moved house just over a year ago was that your first time buyers purchase?


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    #3
    NIMAN
    Registered Users Posts: 33,602 ✭✭✭✭NIMAN


    Well I had bought a house on my own approx 10yrs before that.

    This house was purchased by my wife and myself as a married couple.

    I guess this has a bearing on the decreased amount?


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    #4
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    NIMAN wrote: »
    Well I had bought a house on my own approx 10yrs before that.

    This house was purchased by my wife and myself as a married couple.

    I guess this has a bearing on the decreased amount?

    If you claimed TRS on your first purchase I'd say your entitlement has finished since the end of the year and maybe your just receiving your wife's allowance if she was a ftb when you bought this property? Otherwise its just a reduction in the amount you were entitled to when you passed the year end and went on to a lower ceiling allowance & percentage


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    #5
    NIMAN
    Registered Users Posts: 33,602 ✭✭✭✭NIMAN


    I think my entitlement on my 1st purchase ran out a few years ago. Do you not only get it for 7yrs? That would have made mine run out maybe 2008 (purchased in Jan 2001).

    My wife never owned a property on her own. When we got married we lived at old house for a couple of years then bought another property. Once it was bought on both my name and her name, we applied for TRS as she was technically a FTB.


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    #6
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    It will depend exactly when you purchased your initial property & when you started claiming TRS on that property & also when exactly you bought current house etc... The below might allow you to figure it out knowing the dates involved, loan amounts & annual interest payments..

    http://www.revenue.ie/en/tax/it/reliefs/tax-relief-source-mortgage-rates.html


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    #7
    NIMAN
    Registered Users Posts: 33,602 ✭✭✭✭NIMAN


    I'm afraid to contact them in case I might owe them money!

    Thing is, don't think I do. I will of course have got my 7yrs as a single person.

    Its more my wifes entitlement now. Is she entitled to another 7yrs or does the fact that she happened to marry a person who previously got 7yrs full TRS affect her ability to claim this? Thats the question.


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