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7. Are landlords eligible for tax relief on interest paid on borrowing to purchase investment properties?
Landlords should be aware that the Finance Acts have been amended to explicitly provide that compliance with the registration provisions contained in the Residential Tenancies Act registration provisions is a condition of eligibility for mortgage interest relief on residential properties. It is a matter for individuals to satisfy themselves that they are in compliance with the Residential Tenancies Act. The PRTB will not routinely provide letters confirming exemption from the Act. The PRTB propose to supply the Revenue Commissioners with information on unregistered tenancies of which it becomes aware so that, as well as facing criminal prosecution, the landlords in question will lose any mortgage interest relief relating to the dwelling.
The following link relates to the Revenue Commissioners' requirements with regard to the registration of tenancies: http://www.revenue.ie/publications/txbrefng/tb63/tb01.htm
Just register your tenancy in 2006 now - pointless i know but then you can feel covered. it will only cost you 140 euro to register late. cheaper then not claiming your interest back.
You can't register a tenancy that has ended with the PRTB.
I rang the PRTB to ask this question but they told me you can not register a tenancy that has ended.
You can't register a tenancy that has ended with the PRTB.
What about a situation where the tenant is still in place but you hadn't registered them in 2006? Can you register the tenant for last year retrospectively?
Your tax return requires you to declare that you are in compliance with the residential tenancies act, and would registering late mean that techically you are still meeting your requirerements?
was thinking more along the lines of a person about to submit a tax return for 2006 in the next few weeks (i.e. late registering for 2006 in Oct 07)
I've just had a quick look at the revenue site. It says you have to register within one month, I can honestly say none of mine were registered within one month except the ones I did for 2004. I wonder what percentage of registrations are late. I now realise that some tenancies I registered in 2004 (deemed date of 1/9/2004) will be four years next year. It seems I will have to register them again and pay another fee.
It's a bit ridiculous, because you are dependent on the tenants providing you with their details. We had a brief tenancy last year where the tenants never returned the PRTB form to us so it was never registered.
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