Primary residence taxation

I have let my primary residence for the last couple of years.

1.) Is it possible to offset interest repayments against rental income for your primary residence? I know this is possible for investment properties but what about primary residence?

2.) I also have an investment property which I have made a loss on. Is it possible to offset the loss on the rental property against the gain on the primary residence?

1) Do you mean you have let it under the rent a room scheme or let it totally, i.e. you do not live there at all ? If you let it totally, so it is not now your PPR then provided the letting is registered with the PRTB then mortgage interest is allowable ( at 100% up to 2008 but restricted now to 75% for 2009 )

2) If you have a loss on another property then that can be set against profits on other rental properties in the same year or carried forward against rental profits in a subsequent year. It can not be set against other income.

Hi,

1) The property was totally let out for the last two years. I let the property through an agent so need to check about the PRTB. Do you know if it is possible to do a late registration with PRTB - if the estate agent hasn't done so.

You can back register with the PRTB, but you have to pay slightely extra. there is now a list of all homes registered in 2008 available on there website so you can check out if your property is on the list if you havent contacted the Estate agent.

Agents usually take the PRTB out of the first months rent received. ie From the agency you should receive the deposit plus rent for the first month, less their fee and any outlay which should include the PRTB subscription. Check with the agency, or you may have a cash account printout from them.

Any agents I know do the PRTB as a matter of course. Check with them or on www.prtb.ie as advised above. If so then you're ok on the interest claim.

Sorry but it's not your primary residence if it's been rented out for 2 years.