Hi
I am quite confused about our situation regarding our Mortgage Interest Relief and wondered if anyone could shed some light on it. The following are the details.
2002 - Other half purchased first home and received MIR in his name alone. This finished in 2009 and property became investment property in 2011.
Purchased site in 2005 - In my name only, mortgage of €76,000 site only. Revenue took this as my start date for interest relief and applied relief from that date.
Topped up in 2009 - €284,000 to build house, mortgage in both names. Received relief on this loan from end of 2010 when we moved into this property.
Received letter from Revenue end on 2011 stating that relief on property borrowed for in 2005 and 2009 was being reduced from €166 pm to €37 pm. When queried Revenue said top up mortgage taken out in 2009 would qualify for additional relief but must be applied for online, which I can remember doing when we moved in in December 2010.
Sorry if this is a bit confusing and unclear but I'm in a muddle with it myself. Also as the original mortgage was taken out in 2005 and the top up in 2009 where do we stand with the whole 30% relief for properties purchased between 2004-2008.
Any info would be great and apologies if it is glaringly obvious, but I just don't get it.
I am quite confused about our situation regarding our Mortgage Interest Relief and wondered if anyone could shed some light on it. The following are the details.
2002 - Other half purchased first home and received MIR in his name alone. This finished in 2009 and property became investment property in 2011.
Purchased site in 2005 - In my name only, mortgage of €76,000 site only. Revenue took this as my start date for interest relief and applied relief from that date.
Topped up in 2009 - €284,000 to build house, mortgage in both names. Received relief on this loan from end of 2010 when we moved into this property.
Received letter from Revenue end on 2011 stating that relief on property borrowed for in 2005 and 2009 was being reduced from €166 pm to €37 pm. When queried Revenue said top up mortgage taken out in 2009 would qualify for additional relief but must be applied for online, which I can remember doing when we moved in in December 2010.
Sorry if this is a bit confusing and unclear but I'm in a muddle with it myself. Also as the original mortgage was taken out in 2005 and the top up in 2009 where do we stand with the whole 30% relief for properties purchased between 2004-2008.
Any info would be great and apologies if it is glaringly obvious, but I just don't get it.