Giving up job

A

Alan

Guest
I am useless at trying to calculate tax, even with guides and revenue.ie so maybe someone can help.
I am in the fortunate position of having two houses to rent out and can expect to earn around 12,000 a year for each, less letting agency fees and maintenance, so say 20,000 a year in total.
I am a PAYE worker and pretty fed up with my job and am wondering what I would take home a year, after tax, if I just lived on the income from the two houses.
Anyone give me a ballpark figure?
Thanks.
 
What type of mortgage is outstanding, if any?

If none then, quick calculation

Income 20,000
tax due (2,480)
prsi (1,000) I have to comfirm this

Net income 16,520

You would be entitled to a PAYE credit of €1,040 as you have no PAYE income
If you had part-time job of €5,200 this would not be taxable as then you would be allowed the credit

Then it would be

Income 20,000 rent
Part-time 5,200
tax due (2,480)
prsi (1,000) I have to comfirm this

Net income 21,720

Stu
 
Nine years to run on mortgage on other house I live in.
Repayments 400 a month.
 
Thank you very much Oileann.
Good to know about the part-time job finances.
Time to get out the calculator and see if it's a flyer at all!
Regards.
 
Wouldn't Alan also be entitled to income up to Euro 7,000 under the Rent a Room scheme without any tax.....which would bring his income up a bit more?
 
I believe Oilean meant to say you would NOT be entitled to €1040 PAYE credit.
 
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