I have an apartment in Dublin which is in a lot of negative equity. I moved out this year and am renting out two rooms. I will need to become tax compliant this year. My apartment cost 330,000 and is only worth 180,000 max.
My question is this: My current tenants are friends of mine and are extremely good tenants. I am receiving 950 in rent plus 69 in TRS and my mortage (tracker) is 890 p/m. I also pay 140 p/m in management fees and life assurance 16pm and insurance of 20pm. So basically making a loss/ My apartment is in a great location in Dublin and rents at the moment are reaching 1200/1250pm in the area. if I were to up the rent and possibly get new tenants would I be any better off as I know Id have a huge tax bill every year. Would the surplus rent cover my tax bill? Apologies if im not making sense..this is my 1st post!!
My question is this: My current tenants are friends of mine and are extremely good tenants. I am receiving 950 in rent plus 69 in TRS and my mortage (tracker) is 890 p/m. I also pay 140 p/m in management fees and life assurance 16pm and insurance of 20pm. So basically making a loss/ My apartment is in a great location in Dublin and rents at the moment are reaching 1200/1250pm in the area. if I were to up the rent and possibly get new tenants would I be any better off as I know Id have a huge tax bill every year. Would the surplus rent cover my tax bill? Apologies if im not making sense..this is my 1st post!!