Don't forget to add USC to the taxes - we got caught out last year and had to pay almost €2,000 for USC on rental income which we had not included in our tax return. This is charged regardless of rental income not covering mortgage, negative equity etc.Being a landlord/landlady means a lot of headaches these days. Some issues include
1.Decorative repair each time there is a change of tenants
2.New mattresses etc.
3.Wear and tear on the building
4.Property and Income Tax
5.Potential damage to property
6.Potential for interest rates to rise
7.Potential for property to remain vacant
8.Tenant trouble
9.Unpaid bills
10.Letting agent fees if not renting privately
Many people are reviewing their situation and are considering selling. Many people who bought rental properties during the boom are on long term mortgages and will not own the property till retirement age. Do you really need to be dealing with issues 1-10 above when you are aged 65+
Don't forget to add USC to the taxes
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