How much interest are you paying? You're likely still making a profit, as part of your mortgage payment is capital repayment and isn't an expense.I'm am currently a Landlord registered with PRTB. I have started letting out my house this year (not living there). The mortgage payments however are €300 more than I am receiving in rent. I know I have to file a tax return in October. I am wondering how this affects thinks tax wise as I am still losing money on rental? Not sure exactly what I can claim for?
Theres quite a lot of info online, but for the sake of 400 /500 euro it would be worth hiring someone to do your tax return.Not sure exactly what I can claim for?
Yes, that makes sense. The difference between the capital repayment and the rent charge is approx €500 per month, so I would have €500 per month profit going by this.How much interest are you paying? You're likely still making a profit, as part of your mortgage payment is capital repayment and isn't an expense.
Yes, I will probably do this, as parts of things that can/cannot be claimed are causing some confusion!Theres quite a lot of info online, but for the sake of 400 /500 euro it would be worth hiring someone to do your tax return.
Can you give us some details of how you became a landlord. Also list all expenses you have to date. You're not giving us any proper details so how do you think we can respond to your question. Mortgage, value of property etc. Everything.Yes, I will probably do this, as parts of things that can/cannot be claimed are causing some confusion!
Yes, separate tax returns and to insurance etc. We had mentioned we would be selling when they moved in, so they are only there short term, will get a notice sorted in the next week, as we need to move on this ASAP then.Normally the white goods are wear and tear deductable over 8 years. But if selling you can write the whole amount off. Split 50/50 with your mate. I presume you are doing separate tax returns as you are 2 landlords. Though it sounds like you purchased the items so you can write them off on your tax return.
Surely you have house insurance? Bins? RTB annual registration ..........
Have you served Notice of Termination?
I'd put it up for sale now. Spring is better than summer generally.
Have you spoken to them of your plans? Where are they going to move to?We had mentioned we would be selling when they moved in, so they are only there short term, will get a notice sorted in the next week, as we need to move on this ASAP then.