renting mortgaged home...hope this is right place

[krabik]

hey folks

I am just curious, my house is soon to be ready in LImerick... I was going to rent it out throught a letting agency as I wont be down there that much.... If i rent through a letting agency, will I have to give them my PRSI so that every thing is above board or just pay them a percentage of the rental income... so say i will some say i wont ....

If i have to give in my details for tax, will i have to register the house then ????? so that i can claim back for the expenses on it, if that makes sense and if so will I have to pay stamp duty on it ????

I hope this makes sense to someone

thanks paddy

 

[ClubMan]

No - the Property Investment forum is the correct one for property investment/rental queries. I have moved the original query. The FAQ outlines the tax treatment of rental properties and the key posts cover a lot of other relevant material. Note that if you are buying as an owner occupier but renting the property out within 5 years of purchase then a clawback of stamp duty to the amount that an investor would have paid on the purchase applies. Income tax on rental income and CGT on any gain arising from an eventual resale are the other main tax issues. Most property investors would do well to get independent, professional advice on the tax and other issues involved. You also need to register with the PRTB.