Hi
I am currently in the process of buying a new home. I have an exsiting PPR for the past 8 years which I now intend to rent out in order to generate an income stream as the rent will be above the outstanding mortgage on the property (even when tax on rental is taken into account). I currently receive 30% FTB Mortgage Interest Relief on the existing mortgage.
I am wondering what steps I need to follow in order to notify revenue of my new PPR and the fact that my existing PPR will no longer by my main residence and therefore no longer eligble for MIR etc.
Also when does the timing happen on the trasfer in the eyes of Revenue - end of the year or when I sign contracts on the new house etc. Someone told me there was a 12 month grace period but perhaps that is in relation to CGT?
Any help much appreciated as I cant find anything specific on revenue.ie.
I am currently in the process of buying a new home. I have an exsiting PPR for the past 8 years which I now intend to rent out in order to generate an income stream as the rent will be above the outstanding mortgage on the property (even when tax on rental is taken into account). I currently receive 30% FTB Mortgage Interest Relief on the existing mortgage.
I am wondering what steps I need to follow in order to notify revenue of my new PPR and the fact that my existing PPR will no longer by my main residence and therefore no longer eligble for MIR etc.
Also when does the timing happen on the trasfer in the eyes of Revenue - end of the year or when I sign contracts on the new house etc. Someone told me there was a 12 month grace period but perhaps that is in relation to CGT?
Any help much appreciated as I cant find anything specific on revenue.ie.