Hi folks,
I wanted to seek advice regarding the following situation, the sale of my home has fallen through twice now for different reasons, it is an old period house and has been difficult to sell however it is in good condition and I have maintained it well just buyers pulling out at last minute twice now.
I live alone in the house and it is quite large therefore my plan was to sell and downsize as the costs of maintaining and running it can be quite high and will eventually break me. Someone suggested to me that I rent multiple rooms (2 separate rooms) which would be possible in terms of space and rooms being in very good condition, with me still living here as a live in landlord which would put me into the licensee territory/rent a room scheme scenario. I never intended to be a landlord however cash is getting much tighter and it’s something I would definitely have to consider if I remain here which I have no other choice at present.
Can anyone advise what the tax implications and RTB registration requirements for me would be if I lived in my home and rented to two tenants. My understanding was that the rent a room scheme relief only applies to renting to one tenant which has to be below €14,000 per year to avoid being taxed however a friend stated if you are a live in landlord the rent a room relief would apply to both tenants or licensees. Being honest i’m lost with the tax implications and friend has just verbally stated this I have no evidence to back it up but it is something I may have to consider as cash is becoming tight and house is not selling. Any advice on the tax implications of renting to two tenants would have? I’ve searched online but can’t find the right information. I will follow up with a tax advisor but here has always been a wealth of information.
Any information would be much appreciated
Thank you
I wanted to seek advice regarding the following situation, the sale of my home has fallen through twice now for different reasons, it is an old period house and has been difficult to sell however it is in good condition and I have maintained it well just buyers pulling out at last minute twice now.
I live alone in the house and it is quite large therefore my plan was to sell and downsize as the costs of maintaining and running it can be quite high and will eventually break me. Someone suggested to me that I rent multiple rooms (2 separate rooms) which would be possible in terms of space and rooms being in very good condition, with me still living here as a live in landlord which would put me into the licensee territory/rent a room scheme scenario. I never intended to be a landlord however cash is getting much tighter and it’s something I would definitely have to consider if I remain here which I have no other choice at present.
Can anyone advise what the tax implications and RTB registration requirements for me would be if I lived in my home and rented to two tenants. My understanding was that the rent a room scheme relief only applies to renting to one tenant which has to be below €14,000 per year to avoid being taxed however a friend stated if you are a live in landlord the rent a room relief would apply to both tenants or licensees. Being honest i’m lost with the tax implications and friend has just verbally stated this I have no evidence to back it up but it is something I may have to consider as cash is becoming tight and house is not selling. Any advice on the tax implications of renting to two tenants would have? I’ve searched online but can’t find the right information. I will follow up with a tax advisor but here has always been a wealth of information.
Any information would be much appreciated
Thank you