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Tax query on House leasing

  • 09-10-2012 7:52am
    #1
    brettmirl
    Registered Users, Registered Users 2 Posts: 2,429 ✭✭✭


    Hi all - looking for some advice please!

    Am currently considering leasing my house to the county council under this scheme: http://www.dublincity.ie/Housing/Home/Pages/LongTermLeasingInitiative.aspx

    I need to move closer to work, so while I will be long-term leasing my current primary residence, I will then be renting somewhere closer to work.

    I have all the paperwork in order and the council have offered me a 20 year lease. I have no ties to where the house is, so moving ain't a problem for me. (Selling the house isn't an option at present, due to the prices).

    I've done a lot of reading on Revenue.ie and am more confused than I was before I started!

    The council have told me that cause the lease would be for 20 years, I would not be liable for PTRB or NPPR charges but i am unsure about the taxation on the rental income.

    As I am renting out my primary residence, and not purchasing a second property, can I earn up to €10k before it gets taxed?

    Or will i pay tax on all rental income minus deductions?

    Thanks in advance!
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