Rebelrebel
Registered User
- Messages
- 36
You will I'd imagine be the assessable spouse for you both.
You should register from the date that you let the property.
You can file Form 11 including both your incomes with the rent divided in two.
You should register the property with the PRTB.
75% of the mortgage interest is allowed. TRS no longer applies as you don't live in the property.
Best advice. Accountants bill is offset against tax. There are also other bills which can help lower tax bill e.g. travel costs for inspection and management of the property, maintenance etc.New landlords should use an accountant unless they know what they are at. Money well spent.
There are also other bills which can help lower tax bill e.g. travel costs for inspection and management of the property,
Tommy I asked about that on here a very long time ago. Don't think you were on the thread. Specifically if I had to make a business trip back (flights and hotel) to deal with a problem tenant. And they said I could charge it up IF it was exclusively for that purpose and didn't include personal stuff, like visiting family. In that case it was specifically business. And becaue the accountant advised me that revenue don't like this and might query it I never claimed it.
Going back to the travel issue. Can petrol not be claimed for? It's a legitimate cost.
It's very hard Tommy to travel from anywhere but London to Dublin and then onto the four corners of Ireland in a one day trip. I'd come under that category. Plus I refuse to get up in the middle of the night never mind that flights on Saturdays are hard to come by. But I do get the logic now of that, I'll bear it in mind.
You'll have to ask that of someone better than me. It doesn't make sense. Just one more of a vast range of begrudging little pitfalls that our tax code holds for people with self employment and investment income.Why isn't petrol allowed.
That is correct, it's taxable income.The total gross rent for 2016 will be 6,000 but after letting and management fees, 75% mortgage interest and other fees it will be well under 5,000 so in that case it seems like I complete the form 12 as opposed to the form 11. Is that correct or is the 5,000 threshold for the gross rent?
75% mortgage interest fees
I believe this has changed in the last budget to 80%!!
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?