S
s&c
Guest
Can anyone help?
Myself and my wife are living in an apartment that we own.
We now have a baby so we will be renting out the apartment and the renting a new house elsewhere from next April onwards.
Basically we are trying to find out the cost implications involved in the move.
We have been told that we will no longer receive tax relief at source on the mortgage as we will not be residing there (it was €2000 in 2008)
Potential Income from renting apartment €1,100 per month
(Note we will pay the management fee of €1,600 per year not the new tenant)
Rent of new house €1,200 per month
Other Details
My Salary €75,000 per year
My Wife's salary €50,000 (she is on maternity leave all year and will only return to work in August)
Note: We are married since April 2007 but are still taxed as individuals.
Questions:
Roughly how much tax we will now have to pay on the rental income from the apartment?
How much can expect back in tax relief on rent we will be paying for the house?
Would we be better off being taxed as married couple?
Myself and my wife are living in an apartment that we own.
We now have a baby so we will be renting out the apartment and the renting a new house elsewhere from next April onwards.
Basically we are trying to find out the cost implications involved in the move.
We have been told that we will no longer receive tax relief at source on the mortgage as we will not be residing there (it was €2000 in 2008)
Potential Income from renting apartment €1,100 per month
(Note we will pay the management fee of €1,600 per year not the new tenant)
Rent of new house €1,200 per month
Other Details
My Salary €75,000 per year
My Wife's salary €50,000 (she is on maternity leave all year and will only return to work in August)
Note: We are married since April 2007 but are still taxed as individuals.
Questions:
Roughly how much tax we will now have to pay on the rental income from the apartment?
How much can expect back in tax relief on rent we will be paying for the house?
Would we be better off being taxed as married couple?