Issue regarding renting as solheim cup ("Female Ryder Cup") accommodation

Almost Broke

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My issue is regarding tax.
I purchased a new home in Navan last year and have achieved renting it as solheim cup accommodation next September. This increases my income in 2011 by €19,000.
We have €395,000 left on our morgage. Instead of taking the €19,000 as income is there some way of channeling these funds directly to the morgage provider so as not to incur "income tax" on this amount.

Any extra info would be great

Abby
 
I am sure you can deduct expenses like heat, light and any extra essentials that you supply. Are you providing transport or other services.
I suppose you will supply grocery stocks, wine, minerals and household cleaning agents etc. for guests.
I think you can also claim for repairs and renewals as result of letting. Check this out.
Browtal
 
I am sure you can deduct expenses like heat, light and any extra essentials that you supply. Are you providing transport or other services.
I suppose you will supply grocery stocks, wine, minerals and household cleaning agents etc. for guests.
I think you can also claim for repairs and renewals as result of letting. Check this out.
Browtal

We are providing transport and breakfast. What do you mean when you say renewals?

Thanks for the replies
 
We are providing transport and breakfast. What do you mean when you say renewals?

Thanks for the replies

If you are renting as a one off then renewals wouldn't be an expense you could claim. I am considering this myself as my neighbour is currently advertising their property too. Is it worth moving out and clearing out all the wardrobes? Maybe I'm just too lazy.............:confused:

Can anyone tell me what a reasonable deposit would be to ask for my house as solheim cup accommodation?
 
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Deposit amount for home as Solheim cup rental

sorry for the double post
 
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Hi Abby,
I just sent you a pm. did you advertise on accommodationfortheevent.com? we have a large house in navan also and are seeking the best way to get it rented. please post more information. thanks
 
Hi Abby,
I just sent you a pm. did you advertise on accommodationfortheevent.com? we have a large house in navan also and are seeking the best way to get it rented. please post more information. thanks

Hi Stephen75,
The place we advertised was www.accommodationfortheevent.com/solheimcup . Also every enquiry we got requested a pick up from the airport so I'd suggest you prepare to supply that.

Just to update you on this topic. I spoke to a tax accountant, the income we received minus expenses has to be declared as income tax for the year 2011.

Abby
 
As an experienced accommodation provider it is important to get a very good price for the inconvenience of moving out of your home.

Good prices are usually very acceptable for big events. Deposits should be large, perhaps half of the total cost for the duration. If your client fails to turn up or changes their mind, or as often happens gets a hotel at the last minute, you will be left with your product as late bookings for the duratiion of the event are rare. You will have the alternative of letting daily on B & B basis.

There are good bookings to be had from exhibitors at the event and they usually arrive a day or two before the main event. Again they dont mind paying for convenience of good location.

Also sending your information to large Golf Clubs will probably bring 2 day guests. Address to Lady Captains. As a golfer I know there will be a lot of ladies interested.

Best wishes Browtal
 
Solheim Cup

Notices have now been issued from various golf clubs, including Kilkenny, inviting members to apply for tickets for the above.
As part of the event the Eu Team Captain, Alison Nichols will do golf clinics in several venues including the above.
Accommodation providers could send details of their accommodation to
golf clubs also [email protected]
 
[I purchased a new home in Navan last year and have achieved renting it as solheim cup accommodation next September.]

As it is less than 2 years since you purchased the house, I wonder does the stamp duty clawback come into effect? Or did this go out with the last budget?
 
Hi, I am very interested in this topic. Have you got a tenent yet?


Hi Abby,
I just sent you a pm. did you advertise on accommodationfortheevent.com? we have a large house in navan also and are seeking the best way to get it rented. please post more information. thanks
 
Hi Im very interested in this topic. Did you get a tenent from that website? Im just worried its all a scam? Did you get many replies?
Thanks

Hi Stephen75,
The place we advertised was Also every enquiry we got requested a pick up from the airport so I'd suggest you prepare to supply that.

Just to update you on this topic. I spoke to a tax accountant, the income we received minus expenses has to be declared as income tax for the year 2011.

Abby
 
[I purchased a new home in Navan last year and have achieved renting it as solheim cup accommodation next September.]

As it is less than 2 years since you purchased the house, I wonder does the stamp duty clawback come into effect? Or did this go out with the last budget?

Hi Muz,
Can you expand on this please? I purchased our house in January 2009 and am renting it during the event. Would I qualify for this tax relief also?

Thanks
 
Hi Muz,
Can you expand on this please? I purchased our house in January 2009 and am renting it during the event. Would I qualify for this tax relief also?

Thanks

First-time buyer exemption

Up to 8 December 2010, first-time buyers who were owner-occupiers of new and second-hand residential property did not pay stamp duty. Budget 2011 abolished this exemption with effect from 8 December 2010 in respect of intruments dated on or after this date.
A first-time buyer is defined as a person (or where there is more than one buyer, each person):
  • Who has not on any previous occasion, either individually or jointly, purchased or built on his or her own behalf a house in Ireland or abroad
  • Where the property purchased is occupied by the purchaser (or a person on his or her behalf) as his or her only or principal place of residence
  • Where no rent (except under the Rent a Room Scheme) is derived from the property for up to 2 years after completion of the purchase (for instruments dated on or after 5 December 2007) - see 'Clawback of stamp duty relief' below.
Clawback of stamp duty relief

A stamp duty clawback arises where rent, other than under the 'Rent a Room scheme' is obtained within the 2-year period (or up to the date of a sale during this period) from the date of the purchase deed. The amount of the clawback is the difference between (a) the stamp duty payable at the higher rates which would have applied at the date of the purchase deed and (b) the lower duty (if any) paid as a result of getting the benefit of the reduced stamp duty rates.
For purchase deeds dated before 5 December 2007 the clawback period was 5 years. Where a property was purchased before 5 December 2007 but was rented on or after that date, there is no clawback of stamp duty relief if it is rented in the 3rd, 4th or 5th year of ownership.
 
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