5
50392
Guest
Hi,
First of all, a brief description of my current situation. I bought a house 2 years ago in Dublin which has been my primary residence, but I have also been renting out one of the rooms to cover half the mortgage. My rental income was less that €7,000 which falls under the rent-a-room scheme so I pay no tax on this.
In the last couple of weeks of have bought another house with my partner and this is now my primary residence.
My question is, what are the tax implications now on my first property as I am renting two rooms in it. Should I set up a second bank account solely for lodging the rent from my first property ? When I sell this property do I just pay capital gains on the profit I made when the house was rented accommodation or do I pay CG on the profit I made while the house was my primary residence?
Do I pay tax monthly/bimonthly or annually on the rent I am receiving on the first property ? The mortgage on the first property is not being fully covered by the rental income, I am still contributing towards the mortgage. Basically I would like to know, regarding tax, what I need to do with the first house?
Thanks a mill,
First of all, a brief description of my current situation. I bought a house 2 years ago in Dublin which has been my primary residence, but I have also been renting out one of the rooms to cover half the mortgage. My rental income was less that €7,000 which falls under the rent-a-room scheme so I pay no tax on this.
In the last couple of weeks of have bought another house with my partner and this is now my primary residence.
My question is, what are the tax implications now on my first property as I am renting two rooms in it. Should I set up a second bank account solely for lodging the rent from my first property ? When I sell this property do I just pay capital gains on the profit I made when the house was rented accommodation or do I pay CG on the profit I made while the house was my primary residence?
Do I pay tax monthly/bimonthly or annually on the rent I am receiving on the first property ? The mortgage on the first property is not being fully covered by the rental income, I am still contributing towards the mortgage. Basically I would like to know, regarding tax, what I need to do with the first house?
Thanks a mill,