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Second property: mortgage interest relief

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    #32
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    sunnysoutheast wrote: »
    Income minus expenses is pretty much the dictionary definition of the word "profit". I fail to see why you are making such a big deal over what is a perfectly valid term to use. The Revenue themselves use surplus and profit interchangeably in their documentation (see above).

    because it is a big deal. taxable income is not profit.

    if it were profit depreciation of the asset the house in these falling markets, as well as full mortgage cost would be part of a profit calculation.

    rental income is taxable not rental profit. If you pay attention to this forum you will see over and over and over people saying im not making a profit im getting x rent and my mortgage is y so i dont owe tax.

    Thats wrong and your coming on and repeatedly trying to undermine this point does those that dont know what they are doing regarding returns no help.


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    #33
    sunnysoutheast
    Registered Users Posts: 2,072 ✭✭✭sunnysoutheast


    D3PO wrote: »
    because it is a big deal. taxable income is not profit.

    if it were profit depreciation of the asset the house in these falling markets, as well as full mortgage cost would be part of a profit calculation.

    rental income is taxable not rental profit. If you pay attention to this forum you will see over and over and over people saying im not making a profit im getting x rent and my mortgage is y so i dont owe tax.

    Thats wrong and your coming on and repeatedly trying to undermine this point does those that dont know what they are doing regarding returns no help.

    Jesus wept. Did you even read the post immediately prior to yours?

    I've even quoted the relevant sections in the Revenue documentation regarding the calculation of rental profits, which forms the amount chargeable to tax. Gross rental income minus allowable expenses = surplus (profit) or deficiency (loss), aggregated over all sources of rent. Depreciation of asset values is not relevant.

    I've now explained this to you three times, that should be enough.


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    #34
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    sunnysoutheast wrote: »
    Jesus wept. Did you even read the post immediately prior to yours?

    I've even quoted the relevant sections in the Revenue documentation regarding the calculation of rental profits, which forms the amount chargeable to tax. Gross rental income minus allowable expenses = surplus (profit) or deficiency (loss), aggregated over all sources of rent. Depreciation of asset values is not relevant.

    I've now explained this to you three times, that should be enough.

    where did I say depreciation is relevent ? I didnt. Jesus wept, Did you even read the post immediatly prior to yours ?

    Why are you insistent on pushing your symantics crap knowing full well it could confuse those that dont know better when it comes to filing a tax return ?

    you either are ingnorant of this forum and the type of posts people make regarding "not making a profit as their mortgage is more than they get in rent" or your just on some kind of personal crusade to try and troll.

    im not sure which but either way its pretty childish.


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