Income tax advice if become landlord

D

Dunnec34

New Member
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1
Hi
New to forum. Looking for advise.
I own a home which came with a commercial unit. I've been approached by someone to rent it. We are a one income family. I earn 65,000 in my job net.
Would be wages in my permanent job be affected? Any advise on if I should proceed or leave it vacant.
 
Dunnec34 said:
Would be wages in my permanent job be affected?
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Why would your wages be affected?
I presume you're actually asking how you would be taxed if earning PAYE income and also collecting rental income?
Any basic income tax calculator should give a rough idea.
For example:

Income tax calculator — Budget 2025 | PwC Ireland

The provisions of Budget 2025 have been announced. Use our interactive calculator to work out your income tax liability for the year ahead.
download.pwc.com
Dunnec34 said:
Any advise on if I should proceed or leave it vacant.
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Impossible to comment without a lot more information.
Maybe even a Money Makeover analysis:

Key Post - Basic information required for the "Money Makeover" forum

It can be difficult, but please try to use a meaningful title in your thread For example "27 year old with mortgage arrears". You will get a much better and much more coherent answer if you give as much information as possible in your first post. For example, if you give your mortgage rate, it...
www.askaboutmoney.com
But why would you let a presumably valuable asset go to waste?
 
It would probably be best if your partner leased the unit out and received the rent. But you'll get better advice if you give more information about yourself and the unit as previously mentioned.
 
llgon said:
It would probably be best if your partner leased the unit out and received the rent. But you'll get better advice if you give more information about yourself and the unit as previously mentioned.
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The advice they need is proper professional advice based on the particulars of their own circumstances. There are a lot of potential angles here that a discussion here can not possibly cover at once.

AAM is not a substitute for professional advice.
 
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