Rent a room scheme

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?

Smarten35 said:

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

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No.

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

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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?

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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.

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

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.