Mortgage TRS & Rent Relief

O

Old Jim

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Can you claim tax credit for rent paid at the same time as claiming mortgage tax relief at source?
 
Depend on the circumstances. I know someone who did. I think you could argue it.

Old Jim said:
Can you claim tax credit for rent paid at the same time as claiming mortgage tax relief at source?
Click to expand...
 
there's no one shoe size fits all approach.


quote=PaddyW;707487]Really Mark. If this is so, how could you argue it?[/quote]
 
Definitely would be. I bought my parents house in Kerry, but live in Dublin for monetary reasons. I claim the TRS on my mortgage but cannot get any relief on the rent I pay every month. Would be great if I had some sort of base to work on or some idea of how the battle was won!
 
I rented for the 1st 6 months of this yr thus claiming rent relief, bought a place in June and started claiming TRS. I am entitled to both until December, then the rent relief tax credits will cease.

I asked Revenue were they sure this was correct (that I can claim the two this year) and they said yes, due to the amount of rent I was paying for the 6 months (500euro).

Depends on the circumstances though, not sure if my scenario will apply to you.

Paddyw - are you renting the house in Kerry at all?
 
No Jen, my parents are still living in it and will be for the forseeable future.
 
Its a funny one to work out

I bought my own place a few yrs back and because of work had to move out so decided to rent own my place, I notified the revenue that my property was an investment property and that i dont deserve TRS 1 anymore but they never knocked it off me???

I am now renting myself and hope to claim rent relief on that..should i contact them again in relation to my trs 1 relief or am i meant to be getting it i wonder?
 
I found the following on the Revenue website:

[broken link removed]
Mortgage Interest Relief

If at any point you have a mortgage and are in receipt of Tax Relief at Source you should advise your local Revenue Office immediately as you may no longer be entitled to Rent Relief and your Tax Credit Certificate might need to be adjusted.

Notice the use of the words MAY NO LONGER BE ENTITLED TO RENT RELIEF. It's obviously assessed on an individual basis. Might be worth contacting your local tax office to find out for sure.
 
I just rang my local PAYE office and they told me I am not eligible to claim both. Although, in certain circumstances, as I was told, i.e. building your own home, you can claim TRS and rent tax relief as you cannot live in your home if it is being built. Makes sense to me. Oh well.
 
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