Tax on Rent

3

32KX

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I intending to rent out a property I own. I earn a salary in the higher tax bracket. After all deductions (interest, wear and tear, insurance etc) is the difference between the rent and deductions taxable at 20% or 41%
 
Taxabe at 41%, your higher rate. It is added to your salary to give total income, which is then taxed.
 
ClubMan said:
Is rental income also subject to PRSI/health levy deductions?
Click to expand...

It may do:

PRSI will apply at 3% when the rental income after capital allowances exceeds €3,174. A minimum payment of €253 applies.
HC or health levy will apply at 2% when the income exceeds €22,880. No min payment applies.
 
bazermc said:
It may do:

PRSI will apply at 3% when the rental income after capital allowances exceeds €3,174. A minimum payment of €253 applies.
HC or health levy will apply at 2% when the income exceeds €22,880. No min payment applies.
Click to expand...

I don't think you (assuming PAYE) have to pay PRSI on rental profit. You do have to pay the health levy. Please correct me if I am wrong but I believe I am correct
 
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