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Income from rent

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  • 15-02-2005 5:32pm
    #1
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭


    i know you're aloud to earn 7600 from rent before its taxed.

    what if 2 people own the house, 50/50. and the anual rent comes to say 9000.

    would this be tax free, as each party's rental income would be 4500?


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    #2
    Victor
    Registered Users Posts: 78,387 ✭✭✭✭Victor


    You would have to check the Revenue Website www.revenue.ie under "rent-a-room scheme". My initial impression is no. It's €7,600 per dwelling.


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    #3
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    I may be wrong, but I thought I saw a post on boards recently about this very topic. Somebody suggested that the €7,600 included any money collected for bills .. i.e ESB, heating etc.

    Again, I may be wrong .. it doesn't seem to be right to include costs in that figure. I guess the link that Victor supplied above would have the full details.

    [Edit - a few minutes later]
    I had a scout for that thread, alas, cannot find it. But did find this thread about registering which might be of use to ye.

    http://www.boards.ie/vbulletin/showthread.php?t=206968&highlight=rent+room


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    #4
    Victor
    Registered Users Posts: 78,387 ✭✭✭✭Victor


    bubby wrote:
    I may be wrong, but I thought I saw a post on boards recently about this very topic. Somebody suggested that the €7,600 included any money collected for bills .. i.e ESB, heating etc.
    Yup. I think the idea is to stop people fudging things by charging extra for every last thing - ESB, gas, oil, phone, cable TV, use of TV, use of crockery .... and hence minimising rent.

    The limit of €7,600 also stops people having say 52 people paying rent in their [strike]hotel[/strike] house.

    There is also the point "you are getting a tax break, there will be conditions".


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