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Renting out own house while paying rent on another.

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  • 24-06-2014 1:37pm
    #1
    Mapliner
    Registered Users Posts: 3 ✭


    Hello,

    I currently fully own my own house and am looking for a change.

    What steps do I have to go through to rent out this house, and use the money from that to pay for rent somewhere else. A swap really where I keep my asset in the event I want to return to my property in the future.

    Is this doable?

    Is it viable?

    Waste of time?

    Thanks for any replies! :)


Comments

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    #2
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    Done it more than once.


    You are still liable for income tax on rent.


  • Options
    #3
    Mapliner
    Registered Users Posts: 3 ✭Mapliner


    Hi, thanks for the reply 3DataModem!

    Could you possibly point me in the direction of what I need to read up on this? I've never done it before.


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    #4
    The_Morrigan
    Registered Users Posts: 9,368 ✭✭✭The_Morrigan


    This would be a good place to start: http://www.citizensinformation.ie/en/housing/renting_a_home/

    Also, if you go to the PRTB website they have a lot of information for landlords. http://www.prtb.ie/

    I would also engage the services of an accountant to get you on the road with regards to tax and allowable deductions. If you can get someone to show you the ropes correctly once or twice, you should be able to continue by yourself after that.


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