To stay or rent

My sister and I own a property which we live in. We receive approx €289 TRS a month. We are both thinking of moving on and renting out the property. If our rental income for the year is 12K and our mtge interest is 16k can anyone let me know will we need to pay tax? Also as we will lose the TRS do we qualify for any other type of mortgage relief?

You won't get TRS anymore as it applies to homes only.

Your rental loss will be roughly as follows:

Income 12k
interest paid: 16k
Rental Loss 4k

Therefore you won't pay any tax on the rent.

Are you sure that the 16k is the interest and not the repayments? You can't get a deduction for the capital repayment element of the payments.

Brendan

Thanks Brendan, yes that is the interest only part of my mortgage. Will i get any relief on the interest i pay? Also if i rent now and return to live in it in a few years and then sell it on a few more years after that will i be liable to Capital gains?