I'm new here and hoping I'm posting in the right forum. Apologies if not.
I would like advice on how to set up as a landlord.
I have been on social welfare due to illness (vision problems) for a year or two, and I've been living with my dad and looking after him for longer than that. He was 82 and had arthritis-related mobility issues but was otherwise fine, so it was a shock when he passed away suddenly just before Christmas.
He kindly left me his house. My mother passed away ten years ago. My nephew who is 19 was kicked out by his parents last year and is living here too and going to college in Dublin.
So here we are. I have inherited a house, or at least I will be inheriting it once the probate process is completed at some point in the future. I don't have a way of making a living currently (although I'm having treatment and I hope my condition will improve) and I'd love to get off social welfare. Don't get me wrong, I'm very grateful that social welfare exists, but it's depressing to be on it. Not to mention that my nephew has no income apart from a small Susi grant and I need to feed him as well as myself. I thought I could rent out the spare rooms in the house and make a living that way.
So I'm wondering how best to set things up. I've opened a Daft.ie account and a MyAccount on the Revenue website. I haven't been a sole trader in decades, and I'm wondering how being a landlord while living in the same property as the people I hope to rent to will work? I mean, if I had a house other than this one, I'd rent it out, take the rent as income and the costs, like repairs and so forth, as expenses, subtract one from the other and that would be my profit. But since I live here, can I claim expenses against tax in the same way? I asked the staff member on the Revenue's information line but she didn't know. I have some repairs to do to the roof and it would be useful to know.
Do' I need or would I benefit from registering for VAT? (This is another one the tax information line couldn't answer.)
Should I set up a business bank account or is there no need?
What's a good way to set myself up to run things and hopefully not make too much of a muddle?
I would appreciate any advice.
I would like advice on how to set up as a landlord.
I have been on social welfare due to illness (vision problems) for a year or two, and I've been living with my dad and looking after him for longer than that. He was 82 and had arthritis-related mobility issues but was otherwise fine, so it was a shock when he passed away suddenly just before Christmas.
He kindly left me his house. My mother passed away ten years ago. My nephew who is 19 was kicked out by his parents last year and is living here too and going to college in Dublin.
So here we are. I have inherited a house, or at least I will be inheriting it once the probate process is completed at some point in the future. I don't have a way of making a living currently (although I'm having treatment and I hope my condition will improve) and I'd love to get off social welfare. Don't get me wrong, I'm very grateful that social welfare exists, but it's depressing to be on it. Not to mention that my nephew has no income apart from a small Susi grant and I need to feed him as well as myself. I thought I could rent out the spare rooms in the house and make a living that way.
So I'm wondering how best to set things up. I've opened a Daft.ie account and a MyAccount on the Revenue website. I haven't been a sole trader in decades, and I'm wondering how being a landlord while living in the same property as the people I hope to rent to will work? I mean, if I had a house other than this one, I'd rent it out, take the rent as income and the costs, like repairs and so forth, as expenses, subtract one from the other and that would be my profit. But since I live here, can I claim expenses against tax in the same way? I asked the staff member on the Revenue's information line but she didn't know. I have some repairs to do to the roof and it would be useful to know.
Do' I need or would I benefit from registering for VAT? (This is another one the tax information line couldn't answer.)
Should I set up a business bank account or is there no need?
What's a good way to set myself up to run things and hopefully not make too much of a muddle?
I would appreciate any advice.