Rent a room scheme

[Smarten35]

Hi

I am going to rent two rooms in my house to two friends.They are currently receiving dole money each week.I have agreed rent of €280 per month from both friends. They will not pay any other bills only rent.

I am paying mortgage at the moment and get €50 per month tax relief at source.

Will I lose this TRS entitlement if I rent these two rooms out?

I was told I have to register with PRTB.ie in order for friends to claim rent allowance. Is this true?

Once I am registered and receiving this monthly rent , what do I have to do to let the revenue know I am receiving this money? Do I have to keep accounts and return this to revenue even if I am below the €7260 limit?

 

[ClubMan]

Will I lose this TRS entitlement if I rent these two rooms out?

No.

I was told I have to register with PRTB.ie in order for friends to claim rent allowance. Is this true?

No - not for the rent a room scheme.

Once I am registered and receiving this monthly rent , what do I have to do to let the revenue know I am receiving this money? Do I have to keep accounts and return this to revenue even if I am below the €7260 limit?

The limit is now €10K p.a. You just return this amount on a Form 12 return.

I am assuming that there are more than two bedrooms in the property and you are remaining an owner occupier. If not then that is different kettle of fish.

 

[Smarten35]

Thanks for this info.

Yes its a 4 bedroom house. I am owner occupier.. I didnt know that it had gone up to 10K.. happy days

 

[ClubMan]

I am not a tax professional but am pretty sure that the above info is accurate. However if in doubt make sure to research further and get professional advice if necessary.