MichaelDonal
Registered User
- Messages
- 20
If you own a property and it's your primary residence, you move out and rent it out so it's no longer your primary residence. The rent just covers the mortgage but, and excuse a possibly stupid question, are you supposed to treat all of the rent as income, despite 99% of it going on the mortgage?
So, if your mortgage was 1000 euro a month, rent is 1050 euro so you clear 50 euro, but after tax you don't get 1050 you only get 950 (for arguments sake).
As I said, this is probably a stupid question but I'm confused. Is there some sort of write off of a certain amount you can apply?
So, if your mortgage was 1000 euro a month, rent is 1050 euro so you clear 50 euro, but after tax you don't get 1050 you only get 950 (for arguments sake).
As I said, this is probably a stupid question but I'm confused. Is there some sort of write off of a certain amount you can apply?