Propose to rent 3 bedrooms as owner occupied share:- tax implications for landlord

G

gefpm

Guest
im thinking of sharing my house out.

I have approx 3 bedrooms that i can share.

I am aware of the rights associated with this but what tax will i have to pay the revenue on this?

There is no mortgage on the house if this matters in this case.

I propose to rent each room for €500 each p/m
 
You would pay tax at your top rate on all the rental income if it exceeds €10,000. So if you rent out two rooms at €500 each per month you will get €12,000 rent which is around €6,000 after tax.

You would be better off renting out the rooms at €400 each as then there would be no tax on the income under the Rent a Room Scheme
 
ok so if the total income is €18k do i pay tax on the 8k at the higher rate of do i pay tax on the full 18k at the higher rate?
 
gefpm said:
ok so if the total income is €18k do i pay tax on the 8k at the higher rate of do i pay tax on the full 18k at the higher rate?
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The answer to this question has already been given - read post from Brendan again.
 
gefpm said:
im thinking of sharing my house out, i have approx 3 bedrooms that i can share, i am aware of the rights associated with this but what tax will i have to pay the revenue on this. there is no mortgage on the house if this matters in this case. i propose to rent each room for €500 each p/m
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I can't imagine anyone paying €500 a month for a room in an owner occupied house these days!
 
thanks brendan, that sheds abit mre light on it so. if there is any exess over 10k that this can be put against upkeep of the house for alterations and repairs?
 
shesells said:
I can't imagine anyone paying €500 a month for a room in an owner occupied house these days!
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well maybe take a look at these results!

sorry wont let me post link, area clontarf, sharing double room on daft...
 
gefpm said:
thanks brendan, that sheds abit mre light on it so. if there is any exess over 10k that this can be put against upkeep of the house for alterations and repairs?
Click to expand...

Hi

It's best for you to read the link in my first post. It covers all these issues. If you read it and don't understand something, then ask a question.

Brendan
 
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