I am looking at taking a career break and taking up employment overseas. If I rent out my house, how much roughly would it end up costing me?
Mortgage - €600 p/m
Potential rent - €800p/m
Interest paid over 12mths - €4000...I know only 80% of this is deductible, so around €3200
PRTB fee - €90
Insurance - say €350
Agent fees - ? (I wouldn't have anyone here to manage it for me so would need an agent)
Depreciation - ? maybe just use a minimal figure.
I am currently in the higher tax bracket. If I end up going overseas I don't know where I will be treated as resident for tax purposes. I'll be going to Australia and am an Australia citizen but have been in Ireland for 10yrs, so am classed as non-resident for tax purposes in Australia currently. I don't know if returning to Australia for the 12mths will class me as resident in Australia for tax purposes as I will make a decision while I am there if I will return to Ireland or stay in Australia. So assume highest rate of tax I guess.
If someone could do some very rough back of envelope calculations for me that would be greatly appreciated