Renting out of main residence

[Numbnuts]

Hi, I hope somebody can help me with this query.

I was recently made redundant from my job and have not been able to find work in Ireland. I have found a position in the UK and will be moving in the coming weeks. I intend to let out my property in Ireland and rent a property in the UK for myself and my family.

I would prefer for everything to be above board with regards to declaration of rental income from the house in Ireland. Can anybody advise on the amount of tax I would be liable for if I was to rent the property for approx €1150 pcm or €13800 per year.

Many thanks in advance.

Dave

 

[Cayne]

A few considerations here:

- If house purchased in last 2 years you are liable for stamp duty clawback as house is no longer PPR

- If claiming TRS you will lose this once you rent it out

- You will need to register the property with the PRTB. Once you do this you can offset the interest on your mortgage against any rental income. If the mortgage is high your tax liability will be low as you will be paying a large amount of interest

Check out revenue site for information on tax on rental income and the expenses that can be claimed once the house is rented.

www.revenue.ie/en/tax/it/leaflets/it70.pdf

Hope this helps.