Mortgage on rental proerty

[Leeside]

Hi,

I will be renting my appartment soon and was wondering how much I am allowed from rental income before it becomes taxable? Also, as it will remain my primary residence and I will be renting myself somewhere else will i be allowed by the bank to keep my current tracker mortgage or will they change me to an investor mortgage?
Anyone know any good sites also for reading up on this type of thing?
Ta

 

[peteb]

You will have to check the terms and conditions of your morgage to see if your obliged to tell them. In the same boat at the mo and I dont think I'll be mentioning it. Unfortunately it won't remain your primary residence if you are renting somewhere else, so you would want to make sure that you arent liable for clawback on the stamp duty (depends on when you bought your apartment!)

 

[steelblue]

Hi
you wont be able to claim TRS either but you will be able to claim rent allowance (dont know exact term but it is tax relief for people paying rent).

Rent on apt rental is all taxable but you can reduce the amount by claiming for allowable costs ie Interest on loan , management expense etc.

I dont believe that it will stay your PPR and from a tax point you will be treated as an investor. This may have implications for stamp duty depending on how long you have had apt.

You will need a ber cert to rent apt and once rented you will need to register it with the PRTB. These are legal requirements. If apt is not registered with the PRTB then you cannot offset the interest against rental income.

There are plenty of threads on this site that give good advice. Other sites to checkout would be www.revenue.ie, www.prtb.ie, Thresehold. Topfloor have free leases that can be printed.