Paye Credit

K

KAZZA

Registered User
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Hi.
I am renting my house out in Ireland and doing up my tax return for 2014. I was not working in 2014 so would I be entitled to tax credit?
I did not profit from rental income as does not cover my mortgage. Would I be due to pay tax on this?
Thanks for your help.
 
You would not be entitled to a PAYE tax credit, you may be entitled to a personal tax credit. If you enter the details on ROS you should be able to see.

I don't think this is a good topic for a poll. Its a matter of fact not opinion.

You are liable to tax on your rental profits. Even though the rent is less than the mortgage you may still have a profit.

The capital part of the mortgage is not a tax deductible expense. Only 75% of the interest payment is tax deductible. In practice you should receive an annual statement from the bank showing how much interest you paid. 75% of this is a tax deduction.
 
Were you tax resident in Ireland in 2014? This would also affect your entitlement to a tax credit.
 
If I was living away I understand I would not be entitled to tax credit? I was not working anywhere in 2014.
 
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