Dublin Going abroad, renting my property, looking for a tax advisor

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stella

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Hello!

I am about to leave Ireland for Spain for a couple of years and I will need to rent my house. I need some advice on how to calculate my tax to revenue and possibly to get a tax advisor. My understanding is that rental income is considered as taxable income so basically my mortgage won't never be covered.

Can somebody explain me what to do? and if you have a tax advisor for further information.

For example Revenue allows 12.5% of wear and tears expensed across 12 years. How do I calculate the value of wear and tears based on what?

Thanks
Stella
 
stella said:
My understanding is that rental income is considered as taxable income so basically my mortgage won't never be covered.

For example Revenue allows 12.5% of wear and tears expensed across 12 years. How do I calculate the value of wear and tears based on what?
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Yes rental income is taxable, but there are a lot of deductions that can be made, you mention W&T it's 12.5 over 8 years giving you 100%. You base it on the value you have on the items now.

Fully agree that you should hire an accountant, that will get you off to the best possible start. The poster McGibney who just replied to you is an accountant and knows his stuff, have a read of his posts on landlords tax returns on here.

Don't forget the accountant's fee is also tax deductable, and if the amount of posters on here in a mess is anything to go by more people should be hiring professionals. I have a great accountant myself and he's worth his weight in gold.
 
Thanks a lot. I am really depressed now as doing a rough calculation my rented house won't cover the mortgage. I am not looking to do a profit just to cover the debit as I will need to rent abroad.
 
I wish some of our clients would recommend us.

Should they ask for Vincent?
 
Vincent83 said:
Well we use F&M Accountants in Glasnevin & have found tax advice to be good & that too at a reasonable price.
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Vincent you have only 3 posts and should not be recommending anyone. Have you any connection to them?

Everybody else reading this should beware of taking a recommendation from new posters. The two actual accountants on this thread, McGibney and Joe 90 can be recommended, as can be seen from their many posts on this website.
 
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