A friend of mine owns a quite large 3 bedroom apartment in a very good area in Dublin. He is considering availing of the rent a room scheme.
He is aware of the €14000.00 annual limit and what he has to supply within the limit.
He has two work colleagues whom he knows quite well over a few years.
The two work colleagues have a one year contract commencing on the 01 July 24 until 30 June 25.
He has not availed of the Rent a Room scheme prior to this and he lives in the Apartment and will continue to live in the Apartment.
His question is as this period will cover two tax years will he be able to charge them say €800.00 each per month from 1st of July 24 to 31st December 24 and again from Ist Jan 25 to 30th June 25. He wants to remain totally tax compliant.
The proposed tenants are well paid professionals and as I understand it this rent is very reasonable for the area.
He is aware of the €14000.00 annual limit and what he has to supply within the limit.
He has two work colleagues whom he knows quite well over a few years.
The two work colleagues have a one year contract commencing on the 01 July 24 until 30 June 25.
He has not availed of the Rent a Room scheme prior to this and he lives in the Apartment and will continue to live in the Apartment.
His question is as this period will cover two tax years will he be able to charge them say €800.00 each per month from 1st of July 24 to 31st December 24 and again from Ist Jan 25 to 30th June 25. He wants to remain totally tax compliant.
The proposed tenants are well paid professionals and as I understand it this rent is very reasonable for the area.