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Renting a room query.

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  • 02-12-2016 3:08pm
    #1
    Starscream25
    Closed Accounts Posts: 1,122 ✭✭✭


    Hi, just wondering could someone help clear this up for me and apologies to the mods if this should be placed elsewhere.

    I live in a house bought by myself and my parents a number of years ago, however their name in down on the property, not mine, the intention is that it will be held for me until I could save up for a mortgage and buy the house off them, they do not reside there, so as such it is a second property of theirs.

    I've started to rent out a room via direct debit but am wondering would this have any repercussions for my parents pension if revenue can see a source of income I am attaining via renting out a room.
    I am currently a mature student and by my parents grace this income is allowing me to remain in college.
    Is there anything I should be aware about regarding legalities or revenue?
    Thank you.


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    #2
    davindub
    Registered Users Posts: 1,447 ✭✭✭davindub


    No its your income, you account for the tax due (14k and below is tax free, if you go over this you pay income tax on the entire amount).

    However, if you pass the rent over to your parents, now it becomes their income.


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