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Did you declare the profit from rental income to revenue. As the mortgage is fairly small you have a tax liability of approx 3,000 pa. See Guide to Rental Income especially "Example Rent account", "What Expenses can be claimed" and "How is the tax due on rental income collected"Clawback
A clawback arises if rent is obtained from the letting of the house or apartment for a period of 5 years from the date of the conveyance or transfer, other than under the rent-a-room scheme. The clawback amounts to the difference between the higher stamp duty rates and the duty paid and it becomes payable on the date that rent is first received from the property. A clawback will not arise where the property is sold to an unrelated third party during the 5-year period.
Just looking at this from a tax point of view.
Did you pay stamp duty at the appropriate investors rate when you bought the property?
From the original post, it suggests that he is living in the property so this does not apply yet
He is allowed to earn a rental income tax free while living in his PPR.
I forget the limit exactly - around €7k per annum.
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