Tax breakdown on rental property

S

sidb

Registered User
Messages
44
Hi

Looking to rent out my apartment and wondering what the break down figures are before i meet with accountant.

Mortgage a month = 1050
Rent a month = 1250
Tracker at 1.5%
Personal tax bracket = 41%

Figures don't have to be exact but a breakdown on how it is calculated. I heard of 75% interest is deductible but not clear on it.

Thanks
 
We need a bit more info. How much interest do you pay on the mortgage, or if you dont know what is the amount of the mortgage.
 
Note that marginal income tax rates in Ireland are 0%, 20% and 40%.

The 41% rate was cut to 40% a few years ago.

75% of the mortgage interest can be deducted from the gross rental income.

There are other deductions also.
 
Rental income less 75% of mortgage interest.

Less repairs insurance letting fees etc.

Capital allowances are available on fixtures and fittings.

The profit is subject to tax at 40%, PRSI of 4%, USC of 7%.
 
You must log in or register to reply here.
Back
Top