"There's many a slip" as they say, I'd wait till they are gone and you have the keys back.
"There's many a slip" as they say, I'd wait till they are gone and you have the keys back.wait until they move out
That's not actually true.Is there a mortgage on the property? In order to offset your mortgage interest on your tax return, the property is required to be registered with the RTB.
Your "accountant" is wrong. As are you.I would point out that my accountant disagrees 100% with @T McGibney in this regard.
andthere's no need to register in the first instance,
viz.there is no breach of the Residential Tenancies Act from non-registration and hence no adverse impact on the mortgage interest deduction.
1. Introduction
Entitlement to a deduction for interest paid on borrowed money employed in the purchase, improvement or repair of a rented residential property is provided for in section 97(2)(e) Taxes Consolidation Act 1997 (TCA).
The deduction is conditional on compliance with the registration requirements of the Residential Tenancies Act 2004 (the 2004 Act) in respect of all tenancies which exist in relation to the property in the year of assessment or accounting period in question.
2. Persons who are required to register
The 2004 Act applies to the vast majority of private rented dwellings situated in the State. Dwellings outside the State are outside the scope of the Act.
Landlords are generally required to register details of their residential tenancies withthe Residential Tenancies Board (RTB – previously the Private Residential Tenancies Board) including, for example, where the tenancy relates to a self-contained residential unit in the landlord’s own residence. However, the requirement to register a tenancy does not apply where the landlord and tenant are sharing the same self-contained unit. Section 3 of the 2004 Act lists the types of dwellings that are excluded and in respect of which there is no requirement to register tenancies.
The main exclusions include:
business premises;
former rent-controlled dwellings;
a dwelling occupied under a shared ownership lease;
a tenancy where the landlord and tenant share the same self-contained unit;
a dwelling in which the spouse, parent or child of the landlord is resident and where there is no written lease or tenancy agreement;
holiday lettings;
a dwelling let by, or to, a public authority.
The onus is on a landlord to ascertain whether they are excluded from the requirement to register tenancies
Because I'm surprised that an actual working accountant (as opposed to a lad that you might meet in the barbers or down the pub and who happens to do a bit of bookkeeping in the local hospital) would choose to "disagree 100%" with Revenue guidance as set out in a current Tax & Duty Manual.Not sure why you choose to put the word accountant in quotes.
None of them seem to apply to the OP and they definitely don’t apply to me as a landlord.