Renting family home

[Shmuck]

My parents have recently renovated an old house that was on the family farm. They are considering moving into it and renting out the family home they currently live in. What steps would they need to take to go about this? Do they need to somehow register the renovated house as their primary residence? In terms of LPT, does it matter which house they are living in, once the LPT is being paid on both? I know to rent out the current family home, they would need to register it with RTB and declare rental income to Revenue. House insurance wise, would anything need to change, like telling insurance company that they would be renting out the current family home and setting it up as a rental property insurance? The renovated house will also need to be insured. Anything obvious that I'm missing please?

 

[mathepac]

House insurance wise, would anything need to change, like telling insurance company that they would be renting out the current family home and setting it up as a rental property insurance?

Critical that this happens in order to ensure cover. I *think* they can offset "landlord's insurance" against any tax liability on the rental income.

 

[RedOnion]

If they haven't already, they'll need to get an Eircode for the new house. Makes it much easier to create an audit trail that they moved house if ever questioned by Revenue in future.

It's fairly straightforward to register a house for LPT, but they might need an engineers report to say it was previously uninhabitable. The only case I personally know of similar to yourselves, the biggest debate was around the exemption to NPPR charge, so they should get clarity on that also.