Hi all
I am hoping to get some guidance on what I should do. I bought my house in 2007 (recently involved in tracker redress which is beneficial). A change of career to a less well paying career with less prospects in 2011 resulted in me making the decision to emigrate to the UK for work purposes in 2013.
Since late 2013 I've rented this property and it has been rented since. I have no intention of going back to the house and I plan to hold it till it is paid off in 23 years or so.
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.
I also have not registered as a landlord. I have never made any profit from the property and it costs me money to maintain. Only in the last 3 month due to tracker redress it is being profitable.
My question is as follows:
Will the revenue come after someone like me who was in negative equity, was forced to emigrate and making a loss on this property? If yes, the tax bill would be high (which I have not accounted for one bit)
Should I register as a landlord?
Any other advice would be great that someone thinks would be useful.
Thanks
I am hoping to get some guidance on what I should do. I bought my house in 2007 (recently involved in tracker redress which is beneficial). A change of career to a less well paying career with less prospects in 2011 resulted in me making the decision to emigrate to the UK for work purposes in 2013.
Since late 2013 I've rented this property and it has been rented since. I have no intention of going back to the house and I plan to hold it till it is paid off in 23 years or so.
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.
I also have not registered as a landlord. I have never made any profit from the property and it costs me money to maintain. Only in the last 3 month due to tracker redress it is being profitable.
My question is as follows:
Will the revenue come after someone like me who was in negative equity, was forced to emigrate and making a loss on this property? If yes, the tax bill would be high (which I have not accounted for one bit)
Should I register as a landlord?
Any other advice would be great that someone thinks would be useful.
Thanks