Hi there,
A quick question in relation to calculating tax due on rental income for an investment property ...
I have a mortgage on an investment property for 160,000 at a rate of 3.5 %. Am renting out the property for 750 euro per month. I am taxed at the higher rate. How do I calculate tax due ... is it ...
rental income = 12 * 750 = 9000
less mortgage interest .......5920 (160000 @ 3.7%)
..................................---------
.....................................3080
less depreciation ..............1250 (FURNITURE - 10000 @12.5% p.a.)
insurance .........................350
..................................---------
.....................................1480
tax on 1480 @ 42% = 621.60
Are my calculations correct?
Also - is there mortgage interest relief I can claim? Any other expenses I can allow?
Thanks
SB
A quick question in relation to calculating tax due on rental income for an investment property ...
I have a mortgage on an investment property for 160,000 at a rate of 3.5 %. Am renting out the property for 750 euro per month. I am taxed at the higher rate. How do I calculate tax due ... is it ...
rental income = 12 * 750 = 9000
less mortgage interest .......5920 (160000 @ 3.7%)
..................................---------
.....................................3080
less depreciation ..............1250 (FURNITURE - 10000 @12.5% p.a.)
insurance .........................350
..................................---------
.....................................1480
tax on 1480 @ 42% = 621.60
Are my calculations correct?
Also - is there mortgage interest relief I can claim? Any other expenses I can allow?
Thanks
SB