I was just wondering does anyone know the status of TRS relief if a person:
a) leaves the country to work abroad for a year (or 2) and rents out their house
b) leaves the country to volunteer abroad for a year (or 2) so has no income other than a living allowance, and rents out their house
c) leaves the country to travel for a year and doesn't have any income at all, and rents out the house
d) leaves the country for 6 months to travel and doesn't rent out the house completely, but continues to rent out a room under rent a room scheme.
I am assuming from what I can understand on revenue.ie that under a) TRS would be stopped, but not sure about what happens in the other options.
I have heard of people going abroad and still getting TRS but I am assuming this wasn't above board? Or maybe it was?
It's not something I'm planning in the immediate future, but would like to know the situation before I start to dream, because without TRS rent would not cover my mortgage, especially if interest rates rise massively!
Oh, and would leaving mid way through the year for 12 months make things easier, as you are technically resident in Ireland for 6 months of both years?
Point is, for that 6 month period (or 12 month) there would be no main residence in any location, my stuff would all still be in the house, etc.but it is not your "main residence" for that 6 month period so it is debatable whether Revenue would allow the TRS.
But to be honest, you only live once, so I'd rather take a few chances here and there, to get the most of out living than sit around worrying about a rainy day. They say you regret the things you don't do in life, more than the things you do!keeping a rainy day fund if possible, to help you meet your mortgage in the future. So maybe volunteering for a year or taking a year out to travel is not the wisest in that case that in future you would have used up any funds which you might need to help meet mortgage repayments.
Thanks a million for that. A lot to think about.
I accept your point about
But to be honest, you only live once, so I'd rather take a few chances here and there, to get the most of out living than sit around worrying about a rainy day.
Famous last words that have left alot of people in the mess they are in now.
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