delgirl said:Any of the following expenses incurred:
PRTB registration fee €70 - you should have paid this one!
The Private Residential Tenancies Board - landlords are required to register their tenancies/properties - fee €70 per property/tenancy.colc1 said:What does this (PRTB) stand for? thanks in advance!
seánieboy said:refering to the mortgage interest on the rental property im buying a foreign property and wanted to know how do i offset the mortgage interest paid to the bank if (as they tell me its done at source) or do you get some kind of certificate from the bank telling me what interest was paid and then hand this cert to my accountant to claim it for me
If it's done at source then you must be illegally claiming owner occupier mortgage interest tax relief in respect of a non owner occupier mortgage. You need to rectify this situation as a matter of urgency and repay any owner occupier mortgage interest tax relief mistakenly claimed. Then you can offset all interest on any loans used to buy/renovate an investment property against rental income. You really need independent, professional advice if you don't understand any of this. If your existing accountant has access to all this information and has not spotted this spanner in the works then you need to get one who knows his Gluteus Maximus from his Articulatio Cubiti.seánieboy said:refering to the mortgage interest on the rental property im buying a foreign property and wanted to know how do i offset the mortgage interest paid to the bank if (as they tell me its done at source)
ClubMan said:If it's done at source then you must be illegally claiming owner occupier mortgage interest tax relief in respect of a non owner occupier mortgage. You need to rectify this situation as a matter of urgency and repay any owner occupier mortgage interest tax relief mistakenly claimed. Then you can offset all interest on any loans used to buy/renovate an investment property against rental income. You really need independent, professional advice if you don't understand any of this.
If you are not or cease to be an owner occupier then you are not entitled to claim owner occupier mortgage interest tax relief and Revenue should be notified. Failure to do so means that owner occupier mortgage interest relief is being claimed incorrectly (some would say illegally/fradulently). There may be no need to change the mortgage itself - just the granting of owner occupier mortgage interest relief at source - but chances are the terms & conditions of the loan agreement require any change in circumstances (such as a change in used of the property from owner occupied to rental/investment) to be notified to the lender who may then apply their own approrpriate procedures.colc1 said:What if you intended to live in the house,i.e. as an owner occupier and then decided you were going to move home with parents or into partners house and rent the property would you have to change your mortgage then to an investor mortgage?
I think so but I could be wrong.Can you offset interest on loans to buy or renovate investment properties against rental income the same way abroad as you can in Ireland
Can you offset interest on loans to buy or renovate investment properties against rental income the same way abroad as you can in Ireland
Any of the following expenses incurred:
PRTB registration fee €70 - you should have paid this one!
Repairs & Maintenance
Refuse Disposal
Management Expenses
Advertising
Cable TV/ ESB / Heating Oil or other utilities
Bank Charges (if you have separate account for rental)
Accountancy Fees
Sundry Expenses (such as phone calls, stationery, etc.)
Accountancy Fees are listed here as a deduction - does anyone know whether the fees required to complete a personal Tax Return (to correctly file items such as rental income / deductions related to property, but not this exclusively) can be classified and claimed under this deduction ?
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