Letting out apartment for first time - Concerns

[krinpit]

Hi,

In the next few months, I will be letting out my apartment for the first time. I am a first time buyer, but 2 years will have elapsed since I first drew down my mortgage, so no stamp duty clawback.

I've done lots of general reading about the tax implications, but I just want to ask some more specific questions now.

My understanding is that I will not have to pay much tax on the rental income due to amount of interest I am paying on my mortgage each month. I think I worked it out as only being around €200 per annum. Is this the right ballpark figure or am I getting totally confused?
Should I go to see an accountant. If so, what kind of accountant?

Oh, and to answer the inevitable question - yes, I will have somewhere to live after I let it out; I'll be renting elsewhere.

Thanks in advance, and sorry if I've asked 2 stupid questions!

 

[ClubMan]

Moved from Mortgages and Buying and Selling Homes.

 

[ClubMan]

My understanding is that I will not have to pay much tax on the rental income due to amount of interest I am paying on my mortgage each month. I think I worked it out as only being around €200 per annum. Is this the right ballpark figure or am I getting totally confused?

How can anybody say when you have not posted any specific figures?! See the Property Investment forum key post on having an interest only mortgage on a rental property.

Should I go to see an accountant. If so, what kind of accountant?

It may well make sense to get professional advice from a good accountant coming recommended from other third parties and who has dealt with residential property rental tax issues before.

 

[advisor]

Just remember that in order to claim mortgage interest as a deduction against rental income you must be registered with prtb. www.prtb.ie