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Renting out home queries

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  • 20-09-2015 1:31pm
    #1
    Thisname
    Registered Users Posts: 57 ✭✭


    How much of the rent is taken in tax? Also, would you lose your trs on your mortgage when you rent your house?


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    #2
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Thisname wrote: »
    How much of the rent is taken in tax? Also, would you lose your trs on your mortgage when you rent your house?

    Yes you lose your TRS and as for tax on rent, all the info you need is here http://www.revenue.ie/en/tax/it/leaflets/it70.html


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    #3
    filbert the fox
    Registered Users Posts: 809 ✭✭✭filbert the fox


    Thisname wrote: »
    How much of the rent is taken in tax? Also, would you lose your trs on your mortgage when you rent your house?

    You could still live there and rent a room at no tax liability up to €12,000.

    Gis a clue about your circumstances.:confused:


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    #4
    Thisname
    Registered Users Posts: 57 ✭✭Thisname


    filbert the fox wrote: »
    You could still live there and rent a room at no tax liability up to €12,000.

    Gis a clue about your circumstances.:confused:

    I'm moving for work purposes so I'll be house sharing near my work and renting out my own house. I've found tenants, they're moving in next week, rent is €600 per month. This covers my mortgage payment as it is now but with trs gone I will have to add to it. That's €42 not too bad but I probably should have charged a bit more per month to properly cover myself.


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    #5
    tinkerbell
    Registered Users Posts: 6,423 ✭✭✭tinkerbell


    Thisname wrote: »
    I'm moving for work purposes so I'll be house sharing near my work and renting out my own house. I've found tenants, they're moving in next week, rent is €600 per month. This covers my mortgage payment as it is now but with trs gone I will have to add to it. That's €42 not too bad but I probably should have charged a bit more per month to properly cover myself.

    Covering your mortgage has nothing to do with it. You will pay tax on your rental profit which is the rent you receive less allowable expenses. Your mortgage payment is not an allowable expense (only 75% of the interest is).


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