Trs

[moodieC]

Hi Guys

Just a quick query, that I'mm sure someone here will know the answer to!!

I bought a house about 5 years ago with a mate, on which we claim TRS.

About 3 years ago I bought the house outright, and around the same time moved to belfast with work.

At the time I got aut a new mortage in my own name, and never filled out the TRS form.

A mate of mine was looking after the house for me, as 1 was only initally was going to be away for a few months.

To cut a long story short I'm still in Belfast and have rented the house out thru a estate agent for just over a year

My question is, as the house is still my sole property, and intend in move back to dublin at some stage, can I claim TSR?

Thanks in advance

 

[elcato]

You can claim TRS only if you use it as your PPR so in this case as you were not living there you cant claim. I think you can re-apply though if you move back in though.

 

[ClubMan]

And in case you did not know ... if the property was rented out within five years of purchase as an owner occupied PPR then you are also liable for a clawback of stamp duty. And you will be liable for CGT on some portion of any eventual resale gain. And you are liable for income tax on rental income. There are lots of existing threads dealing with the tax treatment of properties that were sometimes PPRs and sometimes rental properties.