I was still in receipt of mortgage interest relief (after I emigrated to the UK) and I got a letter to the mortgaged address from the revenue saying as I've moved out it was no longer my principal private residence and I need to pay back that money, approx €5k.
Thanks IIgon
I can check my bank statements to confirm but I am pretty sure in 2013 I rented it for 900 and my mortgage was 1300. I put the rent up to 1000 when the environment changed (probably a lot later than I should have as my tenants were good people). Approx 18 months ago I put it up to 1100 which is still cheap. I changed terms with my bank and got monthly payments down to 1150 approx 18 months ago.
Yes, maybe revenue if they do not allow all interest will have their own workings. I think by the sounds of it and from what cremeegg said it is not going away and I better address it soon rather than let the problem grow.
Since late 2013 I've rented this property and it has been rented since
@Bronte
I don’t think anybody said it wasn’t possible to register with the RTB for earlier periods.
The amount of interest that is deductible once the relevant tenancy or tenancies is/are registered with the RTB depends on the year in question. For example, you can deduct 80% of interest payments to calculate your rental profit for 2017, 85% for 2018 and it will be possible to deduct 100% from 2019 onwards.
A good accountant will sort through this in jig time.
I'm not sure what you mean by that.The mortgage interest is useless to him as it is only for 2017 which is now, but it's no good for 2013 - 2016
Does that have to be backed up with receipts? (assume carpets, wooden floors. blinds etc..)I agree that he needs a good accountant. But he can help himself by going into all his records and outlining them on here so we can see if he missed anything. The mortgage interest is useless to him as it is only for 2017 which is now, but it's no good for 2013 - 2016. But the good news is he will have wear and tear. That might be high.
Does that have to be backed up with receipts? (assume carpets, wooden floors. blinds etc..)
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?