TRS for another mortgage

[mave]

Hi, in 2006 I purchased a 3 bed house with my sister and lived in it for 2 years. I then moved into my girlfriends rented appartment and have lived there since, meanwhile my sister still lives in the 3 bed house and we rent out the other 2 rooms. I left my TRS as it was but now I am buying a new house with my girlfriend and want to claim my TRS on my new house. My questions are (1) How do I switch it over?, as I cant see any forms on revenue website. (2) Will I still receive the same level of TRS now that I am not a FTB? Would really appreciate any help with this. Thanks

 

[WaterSprite]

You are not entitled to TRS on the first house if you are not living there. [Tax is also payable on the rent you get, if you get any, from your sister's house - e.g. if a portion of the rent goes to cover your half of the mortgage payments]

An FTB gets TRS for the first 7 years of the mortgage so, all other things being equal (which they are not), you'd still get TRS and you just have to notify Revenue of the change. TRS changes depending on where you are in the 7 years - see the revenue.ie site for details. An FTB for TRS purposes (TRS only, not stamp duty) remains one for the 7 years no matter how many houses they buy and sell - the only caveat is that TRS only applies to your PPR. Stamp duty is payable on the house you intend to buy with your g/f if you are buying together. If your g/f is an FTB, then she gets the full TRS allowance from year 1 and you need to apportion the TRS accordingly between you.

 

[mave]

Thanks WaterSprite, I think I better sort this out as soon as possible!!