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Any advice on renting rooms..

  • 31-01-2005 10:59PM
    #1
    serotonin_sam
    Closed Accounts Posts: 204 ✭✭


    I will be moving into my new home later this year and intend renting out rooms.

    Is there a standard contract that i can use for tenants?
    I realise that income from tenants has to be declared these days but how many of you actually do declare such income?

    Any other advice / suggestions on this whole subject area appreciated.


Comments

  • #2
    davidoco
    Registered Users, Registered Users 2 Posts: 655 ✭✭✭davidoco


    it's not the correct way, but for what it worth.

    You are exempt under the rent-a-room scheme up to 7620 euro per year. See this link item 9 http://www.revenue.ie/services/it70.htm#9

    What they want you to do is declare it on your income tax return and they will just issue a Notice of Assessment showing you are up to date. The reason a lot of people up to now, IMO, haven't declared it as there was a problem with the Mortgage Interest Relief - ie your weren't entitled to Mortgage Interest Relief on the rooms let etc - but that has been cleared up by the above document.

    Your tenants might want to claim Rent Relief and you have to give you RSI number. You will have no problems doing this, the only problem you will have is if they abolish the Rent Relief? and they have you on Record and have you by the short and curlies!!


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