WaterSprite
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It certainly is not great! Let's not despair just yet - I'll call the other Revenue number and refer to that line in IT70 and get specific info and report back tomorrow.
Sprite
Sprite
Last edited:
Correct - unless the topups are use to renovate the property.I spoke to revenue on this years ago.
They told me the following.
If you buy a PPR and then, after a time, rent it out you can claim any relief on the interest paid on the mortgage.
What you cannot claim for is interest on any further loans on the property, just the original mortgage.
In other words, you cannot remortgage and expect revenue to pick up the interest on your new debt
Surely that is referring to owner occupier mortgage interest relief. If you convert a PPR to a rental property then the interest on the amount of any loan(s) remaining outstanding that was (were) used to purchase or renovate the property can be offset against rental income. You must be registered with the PRTB first in order to be able to do this.You're certainly not alone! Jeez, this info has just changed my entire outlook, and not in a good way:-(
Revenue website says:
Conversion of principal private residence into rented residential premises Q. I intend to let the house which is currently my main residence and purchase another house as my main residence. If I let my current residence, can I claim the mortgage interest as a rental deduction?
A. No.
From [broken link removed]
I just called the PAYE section and they confirmed it, albeit the lady simply said "yes that's correct" and more or less hung up on me before I could ask her for more details. The second person I got through to didn't have the answer and pointed me to the Income Tax section but they are closed for the day by the look of things.
eek!
Sprite
exerpt..
...What you cannot claim for is interest on any further loans on the property, just the original mortgage.In other words, you cannot remortgage and expect revenue to pick up the interest on your new debt
If you rented it out before 5th December 2007 then you are liable. Otherwise you are not.Re stamp duty clawback can anyone confirm that as we own the apt almost 4 years we are not liable for this (website is very unclear i thought it was after 5 years but i know the law changed to 2 years
...
Apt purchased Sept 2004 so we are in the 4th year of ownership.