Tax on rent

J

jendoh

Guest
Hi, i am new to the renting world and looking for some advice.
I am moving abroad for a new job contract for at least a year and am looking to rent out my house. I have checked out the stamp duty claw back and we are exempt from that but i am a bit confused about the whole tax area.

Due to buying three years ago, we have a high mortgage and the rent we may get for our property is likely to be less than our mortgage. Does this mean that because no profit is being made we don't pay tax???

Help me would be appreciated!! Thanks
 
Only the mortgage INTEREST you pay is deductable from your rental income, not any prinicple (?sp)(you get a statement every year from the bank exactly how much that is.)...as are many other expenses.
The revenue have a very good Guide to rental income on their site www.revenue.ie

I'm guessing from what you say that you are likely not to be liable for tax...but as pp said you still need to make a return. and register with the PRTB (www.prtb.ie )

Good luck
 
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