TRS and Tax on Rental Income?

[Paulk]

Hi,

I'm moving abroad shortly for 6 months and will be renting out my apartment.

In relation to TRS, do I have to notify Revenue that I won't be living in the country? Or will they automatically see this as I will no longer be paying tax on an Irish salary?

In relation to tax on rental income, what way does this work? Do I have to make a yearly payment?

Thanks for the advice.

 

[Butter]

You should notify the Revenue that you will be moving abroad and renting out your property. Once it is no longer your PPR it is no longer eligible for TRS.
Certain expenses associated with renting out property are tax-deductible against your rental income such as mortgage interest payments, management fees, advertising, depreciation on furniture etc.
I'm not sure about filinga tax return in Ireland if you are working abroad. Check out the property investment part of this site for advice.

 

[mathepac]

...Certain expenses associated with renting out property are tax-deductible against your rental income such as mortgage interest payments, management fees, advertising, depreciation on furniture etc...

Provided you register with the PRTB.

 

[billythefish]

Hi,

I'm moving abroad shortly for 6 months and will be renting out my apartment.

In relation to TRS, do I have to notify Revenue that I won't be living in the country? Or will they automatically see this as I will no longer be paying tax on an Irish salary?

In relation to tax on rental income, what way does this work? Do I have to make a yearly payment?

Thanks for the advice.

Just think this is worth a mention... If that apartment is your first property and you bought in the last five (i think) years, you could be looking at a clawback of stamp duty relief.

It might not apply to you but sure just in case.....

Also, as you will be living abroad, your tenants will be obliged to pay 20% of your rent directly to Revenue.

 

[Butter]

Provided you register with the PRTB.

That's true!

I think the stampduty clawback only applies now if you rent out within 2 years of purchase.

You can apply to Revenue to be paid your rent without tax being removed by your tenants.