LITTLECBEAR
Registered User
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Just a quick question- cant find the answer on the revenue site.
I am starting a small joint mortgage, both ftb, not married.
Interest will be approx €4000 for year 1.
So, is the trs calculated as follows?
25% interest relief each up to a total max of 20k relief per annum
Thus we receive 50% of total interest €2,000/12 = 166 per month.
Or is it
25% interest relief to a max of 20k relief per annum
Thus we receive 25% of total interest €1,000/12 = 83 per month.
If its the latter then it seems there is no point in both of us applying for the relief, as the total interest is nowhere near the indiviual ceiling of 10k.
Can anybody advise please?
I am starting a small joint mortgage, both ftb, not married.
Interest will be approx €4000 for year 1.
So, is the trs calculated as follows?
25% interest relief each up to a total max of 20k relief per annum
Thus we receive 50% of total interest €2,000/12 = 166 per month.
Or is it
25% interest relief to a max of 20k relief per annum
Thus we receive 25% of total interest €1,000/12 = 83 per month.
If its the latter then it seems there is no point in both of us applying for the relief, as the total interest is nowhere near the indiviual ceiling of 10k.
Can anybody advise please?
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