owner occupier vs section 23 investor

H

highorlow

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i'm considering purchasing a 2nd house. this is in a rural rewnal area which has tax breaks for an owner occupier.

the same property also has section 23 investor relief.

i already have a house in Dublin and have a few tenants therefore a rental income.

would i be better off changing the new house over as my ower occupier home and benefitting on the rural rewnal tax breaks or remaining as i am and having the new property as an investment and availing of the section 23 tax breaks?

also does anyone know if you can change mid-term. i.e section 23 is for ten years, can i change from an owner occupier to investor in year 5 and benefit from the section 23?
 
Well i would have a choice.

My principal private residence is in dublin. but the question is would i be better off having the new purchase as my principal private residence and availing of the rural renewal tax breaks? The job i have at the moment involves a lot of travelling so i would be able to justify to the revenue that my PPR is in the rural renewal area.

However in the mean time i've had a look at the revenue web site. If you are purchasing a house with both owner occupier and investor tax breaks you can only have one of those tax breaks, i.e. you can't start off as an owner occupier and after year three change it to an investment rental property.

I have decided that I will run as an investor an avail of the section 23 breaks. its probably better in the long term. I think i'm better off in the long term?

I also believe that if the section 23 allowance is not used up within the 10 years it can be carried forward until it is used up, can anyone tell me if this is correct?
 
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