Renting Property in Ireland while Living and Paying Tax in the US

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rhennessy

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Hi,

15 months ago I moved to the US for 4 years to work and live there. Soon before I knew I was moving over I purchased a house off the plans. The house is now fully built and finished inside and I want to rent it out to defray the cost of the mortgage. I will be returning to live in the house at the end of my term in the US.

I will be renting the property through a letting agency because my parents are reluctant to take on the responsibility of finding tenants.

The question is, what sort of responsibilities do I have in terms of tax. The amount I will recover from rent will be substantially less than the cost of the mortgage so I will not make any profit from this.

Any help would be greatly appreciated.

Thanks
 
Did you pay stamp duty at the investors rate ?
You can off set certain expenses before you are liable to tax.

The main expenses are interest on the mortgage, furniture and fittings written off over 8 years

You have to appoint an agent in Ireland to collect the rent, otherwise your tenants have to deduct tax and forward to revenue.

I can't link to revenue site at the moment but I think the leaflet that explains most of what you require is at [broken link removed]

You may also have a tax liability in the US (rules for rental income are different over there). As there is a double taxation agreement with US tax paid in ireland can be offset against tax due in US.
 
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