R RugbyBoy Registered User Messages 146 13 Nov 2013 #1 Hi, A relative of mine is willing to lend me the money to invest in a property. If I do this can I still claim 75% of interest against the rent? Thanks RB
Hi, A relative of mine is willing to lend me the money to invest in a property. If I do this can I still claim 75% of interest against the rent? Thanks RB
J Joe_90 Registered User Messages 2,222 13 Nov 2013 #2 Yes but you will have to deducted 20% from the interest paid and forward it to the Revenue. The lender will pay income tax at marginal rate, PRSI and USC on the interest and get a credit for the tax with held.
Yes but you will have to deducted 20% from the interest paid and forward it to the Revenue. The lender will pay income tax at marginal rate, PRSI and USC on the interest and get a credit for the tax with held.
4 44brendan Registered User Messages 2,538 13 Nov 2013 #3 This is assuming that your relative is charging interest on the loan!
R RugbyBoy Registered User Messages 146 14 Nov 2013 #4 Yes he is charging interest but lives overseas so not resident in Ireland for tax purposes. Does the deduction still apply? and if so can he reclaim? TIA
Yes he is charging interest but lives overseas so not resident in Ireland for tax purposes. Does the deduction still apply? and if so can he reclaim? TIA