Beef or Salmon
Registered User
- Messages
- 4
Hi all,
Im looking for advice on buying a rental property with spare cash thats sitting in a bank account earning almost no interest & im afraid if inflation takes off again sometime this cash will disappear & also I want to see something for my hard work. I need advice on the tax end of things, I know if there is a mortgage on the property you can write some tax off against it, so if there is no mortgage am I going to pay way more out on tax & so leave it not worth while for me? I want to treat the money I invest as a mortgage to myself if that makes any sence & watch the rent pay it back over 25 years & then hopefully have a property to sell as part of my pension plan! The property in question will cost €100,000 in total & I know will rent for €500 a month easily. Can anyone give me a break down on the tax Il have to pay out, Im familiar on the property tax etc.
Im looking for advice on buying a rental property with spare cash thats sitting in a bank account earning almost no interest & im afraid if inflation takes off again sometime this cash will disappear & also I want to see something for my hard work. I need advice on the tax end of things, I know if there is a mortgage on the property you can write some tax off against it, so if there is no mortgage am I going to pay way more out on tax & so leave it not worth while for me? I want to treat the money I invest as a mortgage to myself if that makes any sence & watch the rent pay it back over 25 years & then hopefully have a property to sell as part of my pension plan! The property in question will cost €100,000 in total & I know will rent for €500 a month easily. Can anyone give me a break down on the tax Il have to pay out, Im familiar on the property tax etc.