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Paying? TRS (owner occupier mortgage interest relief) is a tax credit/relief that you claim not something that you pay!trading_wizz said:Actually I'm not paying TRS
Check the Ts&Cs of your mortgage agreement. Also owner occupier insurance will not cover a rental property and the lender has a vested interest in the property being properly insured as long as they have a claim on the property.No I didn't inform the lender about the change in "status" of the house but I'm not sure if thats such an offence.
I don't understand this. If you are seeking to evade tax or your responsibilities (e.g. PRTB registration etc.) then you've come to the wrong place. Note that other threads here mention the possibility that PRTB registration is/will be mandatory in order to claim rental property tax benefits (e.g. allowance to set mortgage interest against rental income etc.).I just needed to know from the revenue point of view, if because I didn't designate the house as an investor property that I can still claim interest relief on mortgage against rental income.
If you are in the Dublin area, I could recommend Liam Kearns, Accountant/Tax Consultant, who I and a fellow landlord use. He's based in Rush, Co. Dublin. His fees are very reasonable and he will meet you in Dublin if necessary. Tel. no. 018071884trading_wizz said:Any ideas on a good "affordable" professional advisor?
ClubMan said:Paying? TRS (owner occupier mortgage interest relief) is a tax credit/relief that you claim not something that you pay!
I have the house insured as a rental property with a separate insurance company - so it is covered. My lender actually has a copy of this agreement, so ina sense they know already that it is a rental property.ClubMan said:Also owner occupier insurance will not cover a rental property and the lender has a vested interest in the property being properly insured as long as they have a claim on the property.
I wouldn't jump to such assumptions! - my intention here was to make sure that I'm not evading tax. So I'm paying tax for the first time on the house this year and I was seeking advice on my right to claim back tax relief on the interest paid on my mortgage against rental income. And yes I have a PRTB registration already.ClubMan said:If you are seeking to evade tax or your responsibilities (e.g. PRTB registration etc.) then you've come to the wrong place. Note that other threads here mention the possibility that PRTB registration is/will be mandatory in order to claim rental property tax benefits (e.g. allowance to set mortgage interest against rental income etc.).
I didn't - that's why I qualified my comments as follows:trading_wizz said:I wouldn't jump to such assumptions!
ClubMan said:I don't understand this. If ....
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