living abroad and renting your home in ireland

[tess]

Hi,
I was wondering if someone could update me on the exact expenses involved in renting my home while I live abroad. We plan to move away next year but like everyone else are in negative equity. When we rent our house we will still have to send home money to pay the mortgage as the rent won't cover it. My questions are
Do we still have to give 20% of the rent to revenue even though we are losing money?
In addition if we bought within the last 5 years isn't there something about stamp duty we must pay even though we paid stamp duty when we bought?
Can we claim against wear and tear, loss of tenants, management company fees etc.
i would really appreciate any advice.
Thanks.

 

[asdfg]

Have a look at revenue's guide to rental income here in particular "What If Your Landlord Is Not Resident In The State?"

You have to register with the PRTB

You pay tax to revenue on the profit on the rental income less certain allowable exps

Not sure about stamp duty issue

You can claim exps for wear & tear, management company fees etc. but not loss of tenants but you can claim for exps (advertisment etc) in relation to getting new tenants

Have a look at the attached documents and if you have any queries post again

 

[Bronte]

Technically tenant's of non resident landlords have to deduct the 20%. But it does not mean ultimataly that you will not get it back. Can you look at the key thread on landlords on here. Then post back all your figures and it will be easier to see if you have a tax liability.

Even if in negative equity you may be better off selling the house with the banks permission and asking them to convert the NE into a loan at the same terms and conditions of your current mortgage. It is VERY diffficult to be a landlord from abroad.

 

[Jim2007]

It is VERY diffficult to be a landlord from abroad.

You'd also need to consider how it will impact your tax situation in the host country. For instance in Europe home ownership is not promoted and as a result is not treated very favourably when it comes to taxes....

Here in Switzerland, I doubt you'd have to pay taxes on the profits of the exercise, but the gross income would be used in calculating the tax rate that applies to your Swiss income and that could easily add an addition 10% to your tax bill. And as a home owner you would also be subject to wealth taxes....