Ingredients
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If it is not sharing the main dwelling, it is not part of the house and you cannot avail of the 14k rent a room scheme. Its an independent dwelling and all income should be taxed.The granny flat idea is to benefit from the tax-free rent without having to share the main dwelling.
Well I mean in the conventional rented granny flat sense, where there would be an adjoining door but in practice the two parts of the house aren't shared on a day to day basis. I believe these conditions satisfy the tax free requirements?If it is not sharing the main dwelling, it is not part of the house and you cannot avail of the 14k rent a room scheme. Its an independent dwelling and all income should be taxed.
Revenue told me many years ago that a common entrance sufficed i.e one entrance, one address and no way of separating the properties.Yes, with a connecting door to the main house, it will satisfy the conditions.
It should also not have its own gas/electric supply I believe.
OP is proposing to rent it under rent-a-room.No need to convert it into a granny flat until your granny needs it.
The economics of that for a mortgaged first time buyer would perhaps be questionable.OP is proposing to rent it under rent-a-room.
As per post #4 and #10The economics of that for a mortgaged first time buyer would perhaps be questionable.
Based on a €750 a month figure that you appear to have plucked out of the sky!As per post #4 and #10
- keep up McGibney
Not at all.€750 a month figure that you appear to have plucked out of the sky
I should of course have said that your figures were too optimistic, but I didn't want to. (If the OP expects a conversion cost of €70k, I'd be providing for 50% on top of that for contingencies and inflation.)As per post #4 and #10
- keep up McGibney
That is not true, conversion for the purpose of creating a granny flat or self-contained unit does not fall under exempted development.Its a garage conversion, no need for planning, and it is covered by rent-a-room.
OP is proposing to rent it under rent-a-room.
I would have thought that a €70,000 outlay to acquire a tax-free annuity of up to €14,000 per year makes a lot of sense.
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