Sarah W said:You can only offset the interest on monies use to "buy, improve or renovate" the investment property against the rental income so only the interest on the current €100,000 could be offset.
MissRibena said:I didn't go ahead because I believe it's only a matter of time (i.e. the next time the government get stuck for dough) before the revenue start looking more closely at this and before you know where you are you are talking telephone numbers in penalties and interest
Dinarius said:Just spoke to my accountant again and to another financial consultant.
They are both adamant that deductions can be made on the interest on the entire €300k and not simply on the €100k outstanding on the apartment at the moment, if we borrow the lot against the apartment.
Makes that route the only way to go, in my view, since mortgage interest relief is going only one way in the future and that's down.
Best to reduce the tax bill on the rental income from the apartment as much as possible.
D.
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