Letting a house?

[verizonn]

hello,
i was wondering can anybody help me with the following situation.i bought a house in october 2003. i bought a 2nd house with my partner last year which i have moved into within the last 2 months.i am now looking to rent out my first house as i no longer live there.i want to change my name off the address as it is no longer my priciple primary residence.i then want to rent it out as an investment property.
1-can anybody tell me how i should approach the revenue on this matter as i want to keep everything above board tax wise.
2- will i have to pay stamp duty even though i have owned the house for more than 5 years?
3-im worried about what to say to the revenue when i go in to declare the house as an investment property.can somebody advise me on the best way to approach this?
4-are there any tax benefits i can claim on the property when i rent it?
5- will the revenue charge me any kind of costs for looking to change the house from a primary residence to an investment property?

any positive comments on the above matter would be really appreciated

 

[WaterSprite]

Re: renting a house?

1-can anybody tell me how i should approach the revenue on this matter as i want to keep everything above board tax wise.

Just tell them that it's no longer your PPR and stop the TRS relief on it. (You may also have to tell your mortgage provider but check your mortgage terms to confirm this)

2- will i have to pay stamp duty even though i have owned the house for more than 5 years?

No. You will have to pay CGT when you sell the house though, based on period of ownership as your PPR vs Investment property - do a search on this board to get lots of information on that particular point.

3-im worried about what to say to the revenue when i go in to declare the house as an investment property.can somebody advise me on the best way to approach this?

No need to worry. It's straightforward. Just write to them, or ring them first and discuss.

4-are there any tax benefits i can claim on the property when i rent it?

You can offset mortgage interest against rent. You can also offset various other expenditure against rent - again, do a search on this forum and there are lots of threads on the topic.

5- will the revenue charge me any kind of costs for looking to change the house from a primary residence to an investment property?

No

any positive comments on the above matter would be really appreciated

...

 

[verizonn]

thanks for the help watersprite.much appreciated