Mortgage Interest Relief on Invest Property

D

dip01053

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Hi all, would be grateful for any comments.

If was a first time buyer in 2003 and have been claiming mortgage interest relief, but in 2008 moved out and rented out property can I still claim mortgage interest relief and also offset interest as an expense to rental income?
 
dip01053 said:
Hi all, would be grateful for any comments.

If was a first time buyer in 2003 and have been claiming mortgage interest relief, but in 2008 moved out and rented out property can I still claim mortgage interest relief and also offset interest as an expense to rental income?
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No, you can ONLY offset mortgage interest against rental income for tax purposes. You must instruct Revenue to cease TRS (tax relief at source for your mortgage interest paid) from the date you began renting the property out. You can't get relief twice on the same thing ;-)
 
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