investment v's home owner

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Hello everyone. I bought a three bed in 2002 for just less the 150000 punts. Since then I have inherited a house and I am considering moving to the inherited house and renting all the rooms in the original. When I bought the original house its staus was that of owner occupier. If I move this year and declare the original house as an investment am I liable to pay tax for changing the purpose of the original house. Is there a time period. HOw much would I be liable for? Trying to look at all my options and be sensible about my next move. I would appreciate your advice. Thank you again
 
You may have a stamp duty liability if you change your ppr into an investment property less than five years after purchase, depending on what you paid in the beginning. A good browse through these pages shoudl answer your questions. Also - is the original property in a good rental area? Being a landlord is getting more difficult - tenants are getting more discerning - it's no longer the path to instant gold! But if your house is in a good area and good condition you should be okay. Also consider the CGT liability if in the future you see yourself selling both properties to buy that dream home.
 
Anyone know how I value furniture that I used in my house, now that I am going to rent it out ?

e.g. bought sofa in 2002 for €2k. Used it for 3 years. Now plan to rent house and leave furniture. What is my inital starting cost for capital allowance purposes ?

Thanks
 
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