Renting

Hi All

Apologies if this has been covered before - I couldn't find it......

I am hoping to rent a room in my house to a workmate, I think I remember being told when I purchased from Galway City Council that I could rent one room without any tax implications, is that still the case?

Appreciate any info anyone may have.

Thanks
Nutsy

From www.revenue.ie Rent a Room Relief - where a room (or rooms) in a person's principal private residence is let as residential accommodation, gross annual rental income of up to €10,000 (€7,620 in 2007) is exempt from tax. This does not affect an individual's entitlement to mortgage interest relief or CGT exemption for a principal private residence.

Thanks for the reply, that clears it up for me anyway.

Nowhere near 10k I'm afraid...... Thinking about 50 per week as it is a pal....

Nutsy

You might want to keep a rent book just to comfirm if ever questioned/needed how much you received in rental payments.

Thanks again.

Rent book is a good idea and one I will definitely follow up on. Looks like it is going ahead, he is moving in this evening which will probably feel a little strange at first but to be honest it is going to be a big help financially....

Do you think I am correct in assuming that there is no requirement to report this to the revenue at all then?

Cheers
Nutsy

Hi Nutsy

Im in the process of getting a affordable house soon too and definetly thinking of renting a room out to a friend maybe aswell. its a great idea your helping your friend out and its extra money for you!

Let me know how you get on.

Thanks
Cirbir