Tax on Rental Income

Hello,

I'm new so forgive me if this query is posted in the wrong area or worded incorrectly. Long story but I'll try to keep it user friendly.

I purchased an 2 bed city center apartment in 2008 for circa €500k. I've been living there with my better half since and paying interest only (through various discussions with the bank).

We now have a family and we have outgrown the apartment. My girlfriend was mugged recently while pushing the buggy and no longer feels safe living in town. Selling is not an option as the negative equity would probably be 250K.We'd therefore like to rent a house.

I've been told we could get €1500-€1600 a month for the apartment. We could rent a house for €1400-€1500 a month.

Would my tax position look something like this?

Income 1550 *12 =18600
Interest 1000 * 12 = 12000 * 75% =9000
Life Insurance =600
Taxable =9000


I currently earn 40k so ......9000 * 41% = 3690


Can I deduct anything else or off set against rent that I will be paying?

Thanks for the help.

Do you own the property your self or with your girlfriend? If jointly then the income is split.

You might get some capital allowances on fixtures and fittings.

Rental income is subject to tax 41%, PRSI 4%, USC 7% for you

`Please check this earlier thread and reply there.

Hi,

I own the property myself and will have a look at the recommended thread.

Thanks Joe_90 and elcato for your responses.