Hey there,
I have searched the forums and failed to find the answers to my questions below. Your thoughts would be appreciated.
After ringing the revenue Im not too sure they understood me or gave me the correct advice!!
My sister and I are joint owners of an apartment and it is both our PPR. She plans to move out to rent with her boyfriend and a friend on mine shall move in and rent from us/her.
She will have to cancel her TRS. Will I still qualify for my 50% TRS on the mortgage?
The rent received from renting out her room will have to be declared. Will my sis have to declare it as a rental income? Could this income be offset by her 50% of the mortgage interest?
Could I declare it as a rent a room allowance? (which revenue said I could) However I have read that with two or more owners the rent a room allowance is divided by the number of owners, but with my sis no longer declaring the apt as her PPR, would the rent a room threshold still be halved? If the rent received exceeds my 50% rent a room threshold could she then declare the excess as her rental income?
Whose PPS number should my friend give to the revenue when they apply for rent relief?
A little convoluted I know. This situation shall exist until I investigate how much it will cost me to buy her out. She is in no rush.
I shall also seek professional advice.
Many thanks
I have searched the forums and failed to find the answers to my questions below. Your thoughts would be appreciated.
After ringing the revenue Im not too sure they understood me or gave me the correct advice!!
My sister and I are joint owners of an apartment and it is both our PPR. She plans to move out to rent with her boyfriend and a friend on mine shall move in and rent from us/her.
She will have to cancel her TRS. Will I still qualify for my 50% TRS on the mortgage?
The rent received from renting out her room will have to be declared. Will my sis have to declare it as a rental income? Could this income be offset by her 50% of the mortgage interest?
Could I declare it as a rent a room allowance? (which revenue said I could) However I have read that with two or more owners the rent a room allowance is divided by the number of owners, but with my sis no longer declaring the apt as her PPR, would the rent a room threshold still be halved? If the rent received exceeds my 50% rent a room threshold could she then declare the excess as her rental income?
Whose PPS number should my friend give to the revenue when they apply for rent relief?
A little convoluted I know. This situation shall exist until I investigate how much it will cost me to buy her out. She is in no rush.
I shall also seek professional advice.
Many thanks