Renting my house

S

Sparkle28

Guest
Hi,

I bought my house 4 years ago. I was wondering when I will be in a position to rent it out? Do I have to wait 5 years? Please help

Thanks
 
You can rent it after 2 years (that was changed from 5 in one of the recent budgets).

You need to register as a landlord, change your house insurance, cancel any mortgage interest relief etc
 
If you are referring to the issue of stamp duty clawback, see [broken link removed].
The 5 year period was reduced to 2 years. Subject to confirmation of this from your legal advisors, you should be in a position to rent it now ( market permitting ) .
 
Once you have identified a tenant/tenants ( in no particular order )
1) Register tenancy with www.prtb.ie
2) Remember the non-principal private residence levy www.nppr.ie
3) Inform insurer that property now rented
4) Cancel TRS www.revenue.ie . mortgage int allowable against rental income ( at 75% for 2009 ) and only if property registered with PRTB ( see 1. )
5) If letting furnished, put realistic values on the furnishings/fixtures/fittings/equipment as these are allowable against income for tax at 12.5% p.a.
6) You may need to separately register with Revenue (Form TR1) for income tax non-PAYE returns ( unless you are already registered through a self-employment or company directorship) . However if net income initially is small or negative you may be able to do this on your normal PAYE return F12 if you are a PAYE taxpayer. Either way you must return income & expenses annually with Revenue.
7) Keep all receipts for costs. Insurance, prtb etc. are allowable costs against tax.

Others may have more to add.
 
All utilities in tenant's name

Really check out your tenant's, be picky

Visit your property regularly particularly when let first

Do repairs as quickly as possible and keep all names and phone numbers of good plumbers, electricians etc

You can be flexible with tenant's demands but be prepared to say no too, flexible fair and strong - letting is not for the fainthearted
 
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