Are you sure about that? I don't know the answer myself but would be careful about assuming that no SD clawback applies.The clawback is only if you rent out the entire apartment AFAIK.
There is no doubt that over the €7,620 means that it's not RaRS income and is treated as normal rental income.Should the rent slip over the threshold, I'd doubt it would be RaRS
Even if you still live there once the income exceeds the €7,620 threshold the RaRS is irrelevant and you are a rental property investor. I agree that the SD threshold issue in this situation is not clear though. Not sure what it means for CGT either since the propery is now a dual rental investment property and a PPR. Ultimately, if the rental income is only marginally above €7,620 then it might make more sense to reduce the rent to the threshold and avail of the RaRS.My interpretation of the rules on OASIS is that you no longer are availaing of the Rent a Room Scheme when you no longer occupy the property.
Are you sure about that? I don't know the answer myself but would be careful about assuming that no SD clawback applies.
Even if you still live there once the income exceeds the €7,620 threshold the RaRS is irrelevant and you are a rental property investor.
Definitely not.Is it not the case that rental income over and above the threshold is liable for tax, but the first €7,620 is still exempt?
The quote could be a bit more explicit but the net effect is that income up to €7,620 is tax free but above that then the RaRS no longer applies and all rental income is assessable for income tax as normal.The total (gross) rent you receive (which includes sums the tenant pays for food, laundry or similar goods and services) cannot exceed 7,620 euro (or 5,587 euro for tax year 2001). If you receive rental income over and above this amount, you are then liable for tax at the standard rate.
Rental income achieved from renting a room(s) in your home is exempt from tax up to a maximum limit of 7,620 euro
Definitely not.
Where does that come from because it's wrong.
I'm still not sure that this is proven by the above.Well to me, it appears that there is no stamp duty clawback if an owner occupier rents a room in his/her house for a greater amount than the RaR allowance.
Yes - if the individual is not living there then it's not their PPR so thay can't avail of the RaRS. If they bought the property as a PPR originally and rent it out then a clawback of SD definitely applies.It also clears up the situation where (asked by many on AAM) an owner rents rooms in his PPR, but lives down in Wexford with Mammy and still feels the house in Dublin is his PPR as long as he charges 7620 per annum. This is not the case and s/he must pay the clawback. Am I right??
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