Tax on income from renting a room

[naidster]

Hi There

I rent one bedroom in my house for 520.00euro a month. Do i need to delare this income?

 

[SteelBlue05]

Yes, I believe you do need to declare it but you wont pay any tax on it as you can rent out rooms up to something like 7500 per year. Check the revenue.ie site.

 

[ClubMan]

See for more on the rent a room scheme.

 

[WizardDr]

Yes stellblue is correct, in that the Revenue hoors require you to declare it, when you submit a return of income. If virtually all your income is PAYE you will find that you are not obliged to file a retrun unless the Inspector sends it out. Magic! At 520 pm be aware that the 'income' is defined as all amounts between the two of you.