I have two investment properties in Limerick. I have always managed these properties myself ie I source and manage the tenants.
I have declared some rental income annually along with my PAYE.
I have 3 questions.
1.Do I have to have my properties /tenants registered with the PRTB to claim mortgage interest relief?.
2. Do the revenue have acccess to the PRTB database of information ?.
I know I am legally required to register to the PRTB but am reluctant to do so as I feel once I do, the revenue will know exactly the rent etc.
You have to register with PRTB in order to claim interest on mortgage as an expense against rental income. I'm sure the day will come when Revenue and PRTB will communicate........anyway I'm sure they can check already if they have a certain individual in mind.
1) Its the law and you will be caught and fined heavily
2) If anything goes wrong with a tenant and there is a dispute, for the sake of the €70, its better to be registered, than not...(speaking from experience) I was registered. But if you have a problem tenant and they snitch you up...brown stuff hitting spinning thing comes to mind