S
scd08
Guest
Hi, long time lurker on this site need some help with this one! I bought a house in 2004 at the time it was under stamp duty regs and and I've lived there for 4 and 1/2 years so with tax changes I don't think I have a stamp duty implication (please let me know if I do!).
I am getting married next year and have moved out and in with Fiance (his house has no mortgage, owned outright), the plan was to sell my house but there is no way I could sell it now and even break even so planning on keeping it and renting it out as a long term investment, its currently empty.
I've contacted my mortgage provider they said once its rented just to write to them and they'll adjust the mortgage interest relief from source. So I have a few questions - Do I get any mortgage interest relief?
From what I can find I pay tax (I'm on the higher bracket) on the rental income but I can deduct the cost of the interest on the mortgage and any costs incurred with repairs etc.
Do I pay this tax at the end of the year?
Can anyone recommend a good tax advisor that I could sit down with and work out some figures (Dublin area).
Should I change to an interest only mortgage for a while, currently fixed term so may incur penalties, but could be better tax wise?
I currently owe 190,000 euro but in two chunks initial mortgage probably around 160,000 now fixed at 5.1 until July with 25 years remaining and about 30,000 fixed for another 1 1/2 years at the same with I think 8 years remaining.
Sorry if this is a bit rambling looking forward to some tips!
I am getting married next year and have moved out and in with Fiance (his house has no mortgage, owned outright), the plan was to sell my house but there is no way I could sell it now and even break even so planning on keeping it and renting it out as a long term investment, its currently empty.
I've contacted my mortgage provider they said once its rented just to write to them and they'll adjust the mortgage interest relief from source. So I have a few questions - Do I get any mortgage interest relief?
From what I can find I pay tax (I'm on the higher bracket) on the rental income but I can deduct the cost of the interest on the mortgage and any costs incurred with repairs etc.
Do I pay this tax at the end of the year?
Can anyone recommend a good tax advisor that I could sit down with and work out some figures (Dublin area).
Should I change to an interest only mortgage for a while, currently fixed term so may incur penalties, but could be better tax wise?
I currently owe 190,000 euro but in two chunks initial mortgage probably around 160,000 now fixed at 5.1 until July with 25 years remaining and about 30,000 fixed for another 1 1/2 years at the same with I think 8 years remaining.
Sorry if this is a bit rambling looking forward to some tips!