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rent out home

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  • 09-10-2015 12:46pm
    #1
    lotusm
    Registered Users Posts: 313 ✭✭


    Hello,

    We are thinking of renting out our main principal residence and renting to a house where my wife was raised. I am going register with PTRB and have it all above board. Will it remain my private principal residence even though I am renting else where ? I assume so ?


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    #2
    Gmaximum
    Registered Users Posts: 378 ✭✭Gmaximum


    No its non longer your PPR. You'll be taxed on the rental income and liable for all property tax and Irish water if it's unoccupied


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    #3
    Mrs OBumble
    Registered Users Posts: 25,967 ✭✭✭✭Mrs OBumble


    Absolutely not! Your private principle residence is where YOU live.


    NB Unless you have a large mortgage or no risk of unemployment or sickness, you need to be aware of the social welfare implications of owning a house that you do not live in. Each case is different but in general owning property that you don't live in stops you from receiving any means-tested welfare. So if you lost your job you'd be fine for the first nine months (Job Seekers Benefit isn't means tested) but have a problem after that (JS Allowance is).


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    #4
    Spanish Eyes
    Registered Users Posts: 15,969 ✭✭✭✭Spanish Eyes


    Also, if you sell the rented property CGT may be an issue based on the length of time the property was NOT your PPR (rented out) before the sale. Take care in what you do and make yourself aware of all the implications!


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    #5
    lotusm
    Registered Users Posts: 313 ✭✭lotusm


    Thanks everyone for their replies. Just one more question My wife bought the house in 2005 at the height of the boom for 180k. Worth only 120k now. So if we sold it say in three years time and got say 160k. Would we be still liable for cgt even though she is still is a loss on it from original price.


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    #6
    duchalla
    Registered Users Posts: 329 ✭✭duchalla


    lotusm wrote: »
    Thanks everyone for their replies. Just one more question My wife bought the house in 2005 at the height of the boom for 180k. Worth only 120k now. So if we sold it say in three years time and got say 160k. Would we be still liable for cgt even though she is still is a loss on it from original price.

    No, CGT is only payable on any profit you made from the sale. Ye would have to sell it for more than €180k to be liable for CGT.


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