Mortgage interest from rent

C

colt2

Guest
Hi all,
New to this and new to being a landlord. Could someone tell me how I can work out what mortgage interest is deducted from the rental income when it needs to be declared in October.
Thanks,
 
Well first of all it's only the mortgate interest on the mortgage(or part mortgage) that was used to purchase the investment property.

I just look at my bank statement each year and from that I can work out how much interest I pay in a year. On the bank statem,ent form BoI it's shows 4 payments of interest each year.
 
Your bank will send you a letter in december with a statement of interest paid on your mortage(s).
You can then use this for your 2005 return which will be due in Oct 2006 along with your preliminary tax for 2006.
 
You have to be registered with the PRTB to be allowed deduct the mortgage interest from your rental income
 
Hi,

This may seem a silly question but im going to as it anyway as im thinking of buying an investment property and am not sure.......

Q. If I buy an investment property with Interest Only repayments, can I reclaim all the morg repayments against rental income as its only interest im paying?


Thanks
Scanner
 
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