Renting house - ill parent - joint owner

[cmalone]

friend af work - bought house for mother and she lived there until her health became issue. House let privately for past few months. Wonder regarding tax implications - what allowable

Mortgage in negative equity and not paid and arrears - around 80000 euro. Mortgage 350000. House value current 210000

Any advice - as work colleague is joint owner with mother.

Mum unlikely to return home.

Has offer of HAP housing assistance payment client - local authority - c 1400 euro per month

 

[Brendan Burgess]

All the stuff about the mother is irrelevant.

He has rental income in the ordinary way. He is allowed deduct expenses in the ordinary way, including 80% of any mortgage interest.

He pays taxes at his marginal rates on the balance.

Negative equity, arrears etc, all irrelevant to the tax calculations.

Brendan

 

[dereko1969]

Is s/he not paying over the rent to the Bank?