I have a house in Dublin that is currently sitting empty. I do not live or work in Ireland. I'm thinking of either selling or renting it. Can someone look over these figures and see if I'm correct or missing something? I really don't want the headache of being a landlord but the extra income could really be used.
Rental Income: €22,200.00
Expenses:
Insurance €1,000.00
Light/Heating €2,000.00
RTB Reg €90.00
Property Management €2,220.00
Repairs €1,500.00
Total: €6,810.00
Total taxable: €15,390.00
Tax @ 20% €3,078.00
PRSI @ 5% €769.50
USC @ 0.5% €76.95
Total Tax: €3,924.45
Net Income: €11,465.55
PRT €400.00
Accountant €750.00
Total: €1,150.00
Total Net Income: €10,315.55
Rental Income: €22,200.00
Expenses:
Insurance €1,000.00
Light/Heating €2,000.00
RTB Reg €90.00
Property Management €2,220.00
Repairs €1,500.00
Total: €6,810.00
Total taxable: €15,390.00
Tax @ 20% €3,078.00
PRSI @ 5% €769.50
USC @ 0.5% €76.95
Total Tax: €3,924.45
Net Income: €11,465.55
PRT €400.00
Accountant €750.00
Total: €1,150.00
Total Net Income: €10,315.55