S
SWK
Guest
Hi,
Some questions I hope someone can help with.
- I am looking to buy a specific Rental Property in Ireland. No Tax Relief (Sec 23 etc) - Cost €250k-300k
- I have a mortgage of ~€125k on my PPR which is valued at ~€600k
- My plan was to re-mortgage or extend current mortgage to cover the cost.
- I understand that I can't claim any of the additional mortgage interest as TRS.
- I am assuming that I can claim the proportion of the interest attributable to the Holiday Home loan (say €300k) anually as a cost to offset against Rental income..
- Is this correct?
- Any complications because I am trying to do it all under one mortgage? Any benefits in having 2 seperate mortgages?
- What other costs can I allow against Rental Income? I assume Maintenance, Rental Costs... How about Annual insurance, Service Costs (for the maintenance of common areas) ?
- General question (whinge really!) on TRS. It seems strange that if I were to move to a different PPR for 500k, I could claim TRS against the full amount, but can't for the lesser mortgage. I plan to try to assign more value to the work I have done to upgrade the house over the last few years as part of the re-mortgage.
- One Question I am unclear about: The Holiday house will be available to rent for 52 weeks of the year, but I only realistically expect to be able to rent it for 8-16 weeks (Munster sea-side) . Question is, can I claim the allowances for the full-year costs? Mortgage interest etc. Secondary question, does the answer change if I use the house myself for any of the vacant weeks?
I have a few assumptions above, I'd appreciate if someone could confirm or deny them...
Thanks in advance for your help...
SWK
Some questions I hope someone can help with.
- I am looking to buy a specific Rental Property in Ireland. No Tax Relief (Sec 23 etc) - Cost €250k-300k
- I have a mortgage of ~€125k on my PPR which is valued at ~€600k
- My plan was to re-mortgage or extend current mortgage to cover the cost.
- I understand that I can't claim any of the additional mortgage interest as TRS.
- I am assuming that I can claim the proportion of the interest attributable to the Holiday Home loan (say €300k) anually as a cost to offset against Rental income..
- Is this correct?
- Any complications because I am trying to do it all under one mortgage? Any benefits in having 2 seperate mortgages?
- What other costs can I allow against Rental Income? I assume Maintenance, Rental Costs... How about Annual insurance, Service Costs (for the maintenance of common areas) ?
- General question (whinge really!) on TRS. It seems strange that if I were to move to a different PPR for 500k, I could claim TRS against the full amount, but can't for the lesser mortgage. I plan to try to assign more value to the work I have done to upgrade the house over the last few years as part of the re-mortgage.
- One Question I am unclear about: The Holiday house will be available to rent for 52 weeks of the year, but I only realistically expect to be able to rent it for 8-16 weeks (Munster sea-side) . Question is, can I claim the allowances for the full-year costs? Mortgage interest etc. Secondary question, does the answer change if I use the house myself for any of the vacant weeks?
I have a few assumptions above, I'd appreciate if someone could confirm or deny them...
Thanks in advance for your help...
SWK