Possible to write off mortgage against tax?

H

h20

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I would like to write off a mortgage as business expenditure as my home will also be my office. I'm self-employed. Can doctors and dentists write off the mortgage on their practices against tax?
By the way, my office will not be in Ireland, would this be a problem?

I already write off my rent as business expenditure, so I guess the same would apply for a mortgage.
 
If you can and do this then there will be tax implications - e.g. CGT on some portion of any eventual resale gain. Normally the sale of your PPR would be exempt from CGT but doing what you're suggesting would change matters. Best to get independent, professional advice. Your accountant should be able to help.
 
ClubMan said:
If you can and do this then there will be tax implications - e.g. CGT on some portion of any eventual resale gain. Normally the sale of your PPR would be exempt from CGT but doing what you're suggesting would change matters. Best to get independent, professional advice. Your accountant should be able to help.
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I don't have an accountant. I do my own accounts, as it's cheaper this way. My property would not be in Ireland so I don't think CGT would apply.
 
h20 said:
I don't have an accountant. I do my own accounts, as it's cheaper this way. My property would not be in Ireland so I don't think CGT would apply.
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I think your assumption that CGT doesn't apply to non Irish property may indicate a need to get an accountant :) .

If you are resident for tax purposes in Ireland then (in simple terms) your worldwide income and capital gains are taxable - in certain instances amounts due can be reduced through the application of relevant Double Taxation Agreements but it depends on the circumstances.

Edit: I see Clubman got there before me!

2nd Edit: h20 - I had a quick look over the other questions you have posed in this forum to date - It has been recommended numerous times that you talk to an accountant. You say you have some knowledge of accounting through studies - you may have come across a concept called "prudence" - at this stage I would say it would be "prudent" of you to talk to a professional. This forum should not be taken as a substitute for professional advice and the information posted here is opinion only and not always correct for individual situations.
 
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You have made several assumptions and statements which suggest that a consult with an Irish accountant / tax consultant would be well worth the (tax deductible) expense of so doing. Your CGT knowledge may be hazardous to your wealth.
 
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