house rental

Hi

Hope you can help with some information about renting out my house. I have read other relevant posts and can't seem to find one that matches my query.

I hope to rent out my own home and rent a room in my sisters house for myself.
Do I have to register with Revenue as a landlord?
Do I still get the same mortgage relief?
The house was 275K in feb 2006 so what stamp duty would I have to pay and if i dont have the funds can I pay them if I sell.

I am really wondering if there are any up-front tax etc bills i will have to pay as at the moment I dont have funds to apy large bills.

Any info would be greatly appreciated. Thanks very much.

Debbie

Debbie said:

Do I have to register with Revenue as a landlord?

Click to expand...

Property Investment FAQ

And also this thread (from the many existing threads on this sort of topic).

Do I still get the same mortgage relief?
The house was 275K in feb 2006 so what stamp duty would I have to pay

Click to expand...

Assuming that you paid no SD on the original purchase and the property was new then you take the ex-VAT price of the property (€275K less VAT charged) and this determines which of the following you are liable for:

Rates of stamp duty for second-hand houses and apartments for owner-occupiers (and investors)
House price Rate of stamp duty
Up to 127,000 euro Exempt
127,001 euro - 190,500 euro 3%
190,501 euro - 254,000 euro 4%
254,001 euro - 317,500 euro 5%
317,501 euro - 381,000 euro 6%
381,001 euro - 635,000 euro 7.5%
Over 635,000 euro 9%

Click to expand...

and if i dont have the funds can I pay them if I sell.

Click to expand...

No - SD clawback is due from the time the property is rented out.

I am really wondering if there are any up-front tax etc bills i will have to pay as at the moment I dont have funds to apy large bills.

Click to expand...

You probably need to figure out what you will be liable for up front and then crunch the numbers more generally to see how this sort of venture stacks up.

You won't be eligible for mortgage interest relief anymore if you rent out your house.

Thanks,

I will ring revenue and see what they have to say as regards figures. Much obliged for your answers.

Debbie

You should probably get independent professional advice on the tax and investment aspects of this possible venture. Don't depend on just Revenue or discussion forums such as this for comprehensive and accurate advice.