Renting out PPR

D

dino

Registered User
Messages
157
Hi,
I have been living in my house for over 3 years and I paid full stamp duty on the house as I was not a first time buyer. I just found out that I am moving location with my job so i will need to rent out my house and rent a house in the new location. The move is initially temporary for 12 months. Will I be liable to pay tax on the rental income of my house? My mortgage will be abour €1200pm and I expect to get €800 in rent. I will have to pay similar rent in the new location.
Am I likely to have a big tax bill at the end of the year?
 
You will lose your TRS relief too. You will need to inform revenue about that. You will have to register it as an nppr and with prtb. Then you can offset the interest element only on the mortgage plus certain expenditure on the house. So as to whether you will pay tax, that depends on the interest/what you can offset etc. Personally I would prefer to have an accountant do the return for me ( mine charges me about 300 plus VAT for my returns- for more than one property).

You can also claim tax relief on the rental property.
 
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