Rent out ppr or not?

V

Voyager

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My husband has been working away from home for the past year. We have decided that it would be best for our family for us to move to where his job is based. We have 2 options:

1. Leave our family home unoccuppied so that we can use it at our free will to visit friends and family.

2. Rent it out.

We are completely clueless as to the tax implications of renting it out so would need advice so as to comply with all rules in this regard. I would appreciate all advice on what our obligations would be if we were to rent it out and how much this could cost us.

Many Thanks
 
That link was quite ancient so I didn't even bother reading it but a few pointers.

1. Cancel the tax relief at source(TRS) on your home loan
2. Amend your house insurance to account for the fact it is a rental property
3. Register with the PRTB
4. Register with Revenue as having a rental property
5. If you rent your house from today you'll need to file a tax return for the year 2008. Your rental profit will be your rental income less all rental expenses (insurance, loan interest etc.). The rental profit will be taxable at your marginal rate at this will depend on what other income you and your husband have.

That's a starter for you.
 
Thank you both for your very helpful responses.

If you let me know what other information you need perhaps I could post it i.e. house value/salary?
 
See the Property Investment forum FAQ, key posts and many existing threads on this sort of issue to get an idea of the pro/cons, trade-offs, issues, implications etc.
 
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