# Can I claim tax relief on interest payment on CU loan to build extension?



## overthebridg

Hi All,

Can I claim tax relief on Credit Union loan interest charges ?


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## Graham_07

That depends on what it was used for ?


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## overthebridg

I built an extension onto my house. 

I read somewhere that it applies to mortgage payments and monies paid on securing or maintaining your home ?


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## Graham_07

overthebridg said:


> I built an extension onto my house.
> 
> I read somewhere that it applies to mortgage payments and monies paid on securing or maintaining your home ?


 

If the loan was used exclusively for the purchase, improvement or renovation of your principal private residence then it would normally be allowable subject to the relevant overall ceilings on mortgage/home loan interest.


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## MaryBe

Graham_07 said:


> If the loan was used exclusively for the purchase, improvement or renovation of your principal private residence then it would normally be allowable subject to the relevant overall ceilings on mortgage/home loan interest.


 
You must have receipts to support your interest tax relief if requested


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## allthedoyles

Yes -- you can claim tax relief for home improvements .....Go to Credit Union ... ask for certificate of interest for appropriate tax year .....download and print information leaflet IT60 from www.revenue .ie ......... it has all the details including application form .............you can claim for extensions ., driveways , painting and decorating, plumbing , landscaping etc.............. you do not need receipts yet , as revenue only request receipts in small number of cases ...........

However your mortgage must be on TRS ( tax relief at source ) AND you must not have reached your limit for interest relief


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## babyspice

i had a home loan to buy a house last year i wasn't entitled to any tax back..


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## Graham_07

liamo99 said:


> Thats interesting. If you do not have a mortgage and have paid it off early like me, can you still claim the tax relief on a credit union loan if you intend to use the money for home improvements ?


 
A loan for the purchase, improvement or repair of ones PPR is allowable subject to the prescribed limits. One does not have to also have a mortgage on TRS at the same time. This gives the clear Revenue line on interest.


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## allthedoyles

liamo99 said:


> Thats interesting. If you do not have a mortgage and have paid it off early like me, can you still claim the tax relief on a credit union loan if you intend to use the money for home improvements ?


 
Of course you can claim home improvement interest relief ... (form it60 revenue.ie )
If your mortage is paid off , you have full interest to claim against .

Apologies for above ... you do not have to have current mortage


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