DonKing said:You are allowed to offset the interest of a mortgage used to purchase or renovate an investment property against the rental income received from the investment property when calculating your tax liability for the year.
ClubMan said:No second mortgage account (unless you arrange it that way) but you need to get details (from the lender) of the interest paid on the full mortgage amount and then apportion this according to the relevant ratio between PPR and investment property.
clubman said:As ever, anybody who doesn't understand the basics of investment property tax matters should (a) perhaps question the advisability of getting into such a business/investment and/or (b) engage the services of a good tax advisor/accounant to advise them on such matters.
Could be. I'm not an expert on Irish, never mind foreign, tax matters.bacchus said:the DIY apportioning may be acceptable by Irish Revenue but not by foreign revenue.
I think the second mortage account route is less ambiquious (i.e. easiest to prove it is really for foreign property) when deducting interest of rental income in foreign country to pay tax due in this foreign country.
I guess it is. Seems to me that some people are getting in above their head with their investment property ventures. Isn't that fair comment?I may be interpreting what you are saying incorrectly (which i hope so), but your statement looks like a critic of people on this forum who are asking questions (sometimes basics) and providing answers (sometimes incorrect)...
So you agree with me? I just extend that view to many who invest locally too.I actually think that a lot of people making foreign investment are not informed enough about income tax, CGT and inheritance laws in these foreign countries.
bacchus said:....... when deducting interest of rental income in foreign country to pay tax due in this foreign country.
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