Hi,
I recently bought a 3 bed house as an investment (mortgage payment 2000 per month). I had intended to rent it room by room and had someone take 1 room @500 almost immediately but due to unforseen circumstances they moved out after 6 weeks. I've now decided to let it out as a whole house. I was checking on revenue.ie regarding allowable expenses and I'm concerned that I will not be able to use the mortgage payments to date as allowable expenses. The language of concern is
Expenses not allowed include "expenses on premises rented out on an uneconomic basis, where it is not possible to make a profit from the rent received".
Anyone any thoughts?
I recently bought a 3 bed house as an investment (mortgage payment 2000 per month). I had intended to rent it room by room and had someone take 1 room @500 almost immediately but due to unforseen circumstances they moved out after 6 weeks. I've now decided to let it out as a whole house. I was checking on revenue.ie regarding allowable expenses and I'm concerned that I will not be able to use the mortgage payments to date as allowable expenses. The language of concern is
Expenses not allowed include "expenses on premises rented out on an uneconomic basis, where it is not possible to make a profit from the rent received".
Anyone any thoughts?