Can anyone tell me please the approx amount of annual tax liable on renting an apartment at 1000 euro/month with an existing mortgage on the property of 209000
you are taxed on the entire rental income at your highest rate, with allowances made and relife given for interest pai don mortgage, and other expenditures incurred on the property, including depreciation on contents, insurance, management charges amongst others.
COmpetely at loss as to what all that means on revenue website!
Could somebody (pretty please) explain rather simply about tax on following.
Building a new house - thinking about renting current home Mortgage of 40,000 left on it, would be renting for about 500 - 600 a month.
If you cannot understand the information posted here in relation to rental property tax implications (which is generally couched in very simple terms) or on the Revenue website (and even if you can!) then you really should get independent, professional advice. It seems to me that quite a few accidental or deliberate property investors don't know the first thing about their tax liablities and other obligations and are neglecting these as a result. Unfortunately Revenue will not accept ignorance of the rules as a valid excuse for not discharging liabilities correctly and on time. A good accountant/tax advisor could save you significant hassle and cost in the long run.
Thanks, I think that probably is the best thing to do!
I am one of those kinda accidential people, and its something I never really had interest in doing!!
Just trying to explore all avenues before deciding to sell or rent!!