If I rent my apt, where do I stand with the Revenue?

R

RMur

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Hi all,

Thinking of renting my apt and moving in with my boyfriend into his house (and paying half the mortgage there).

What would the tax implications be?
Would I just loose my TRS or would I need to submit a self assessment tax form in Oct?

I am expecting to get rental income of €1100 per month and my mortgage is approx. €930 (incl. TRS). I also pay a management fee monthly of €116.

Would appreciate some advice. Thanks!
 
How long have you owned the apartment? There's a possible Stamp Duty clawback.

You inform Revenue immediately so that they can stop the TRS. Then you declare the rental income by self-assessment later. You can claim the interest on your mortgage against your rent, as well as your life assurance, property insurance, maintenance of the property etc. Revenue has plenty of useful information on their www.revenue.ie website. Do a search for "rental income".
 
Thanks for the response Liam.

I own the apt. 2 1/2 years and bought it new as a first time buyer so did not pay any stamp duty. So should I assume there would be no issue with a stamp duty clawback?

I will do also a search on the revenue website as you had suggested.

Thanks again for the advice.
 
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