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Temporarily rented

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  • 25-09-2015 11:23am
    #1
    Carrolli
    Registered Users Posts: 32 ✭


    Hi,

    Looking for some little advise. I rented my house for a year when I went on a trip out of country. 100% of rent was paying mortgage which was way higher than what i was receiving despite also getting mortgage relief. I am back living at home a year now and the revenue have just contacted me asking whether my property has always being a private residence.

    Am i correct in thinking that i will owe: Income tax for the year (despite only working 3 months) USC, and all mortgage relief since i left 2 years ago?

    thanks for any advise


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    #2
    Pac2015
    Closed Accounts Posts: 186 ✭✭Pac2015


    Carrolli wrote: »
    Hi,

    Looking for some little advise. I rented my house for a year when I went on a trip out of country. 100% of rent was paying mortgage which was way higher than what i was receiving despite also getting mortgage relief. I am back living at home a year now and the revenue have just contacted me asking whether my property has always being a private residence.

    Am i correct in thinking that i will owe: Income tax for the year (despite only working 3 months) USC, and all mortgage relief since i left 2 years ago?

    thanks for any advise

    Technically as soon as you moved out and it wasn't your primary residence therefore becomes and investment if you like you should first off have lost your mortgage relief and paid income tax on it.
    I am sure some people on here will give good advice but my gut feeling is you should have been paying all the taxes.


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    #3
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    TRS should be repayable with a minimum of fuss from the revenue.

    Although you weren;t working you still had an income from the rental, I suspect you'll pay very little tax. Get an accountant to go through it all for you (fee is deductable).


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    #4
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,385 CMod ✭✭✭✭Pawwed Rig


    Your post is not 100% clear so I am hesitant to give you any advice but you will be liable for income tax on the rental income. You will have had to register the tenancy with the PRTB. You were probably not entitled to TRS. You may be liable for NPPR.
    If Revenue are asking questions like this I would expect a bill through the door in due course.


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